“THIS would never happen…” People laughed when they first heard Government leaders talking about it.
That’s how Americans responded back in the 1940’s during the last debt crisis in America.
Below you can see the history of marginal income tax rates in America. During the 1940’s America’s debt spiraled to it’s highest levels since the creation of the income tax.
Money was needed to fund the war effort so the country sold war bonds and other debt instruments.
The answer to pay off the debt was to increase taxes.
The maximum marginal income tax rate peaked at 94%.
The Federal Government was able to reduce the debt by raising income taxes.
Today Americans enjoy some of the lowest tax rates since the beginning of the income tax in 1913.
Taxes are going up.
This is money that will come from every aspect of life, liberty and the pursuit of happiness the Government can confiscate from Americans.