Friday, April 17, 2009

Friday Fact

In 1935, Franklin D. Roosevelt raised the top income tax rate to 79 percent, from 63 percent, and raised the income level that qualified for that rate to $5 million (about $75 million today) from $1 million. As the economist Bruce Bartlett has noted, that 79 percent rate apparently applied to only one person in the entire country:

John D. Rockefeller

courtesy of Digbysblog

1 comment:

Kay Dennison said...

Interesting. The way things have gone in rercent years, a million bucks of buying power doesn't buy what it used to. A million bucks is chuump changed to the people we bailed out. Sigh. And I just found out that benefits have been cut to low income people (mostly elders).