However, we should know everything about the finances of officials who get rich when they are in public office. Did CNN ever post an article demanding tax returns for the Clintons, Obama, or Nancy Pelosi when they got rich while supposedly living on their government salaries?
We should also know how Facebook can spam us many times each hour with “woke” Democrat campaign propaganda without violating any Federal campaign finance laws.
We do have crazy income tax laws. They often punish people with very high taxes when they build and expand productive, profitable businesses. They often reward people with tax credits, depreciation, and deductions when they invest in non-productive, money-losing “tax shelters” like farms and golf courses. If we think these laws are bad, we should blame the career politicians who enact them in return for campaign donations and support. We should not blame private business owners when they take advantage of these laws enacted by somebody else to benefit somebody else.
Above: In 1933, Franklin Roosevelt Democrats more than doubled top tax rates from 25% to 60%. Four years later, they increased the top federal rates “for the rich” to 80% and then 90% of their income. Those 90% rates stayed in effect until 1963 when Democratic President John F. Kennedy persuaded the Democratic majority Congress to cut the top rates to 70%.
Below: Notice how during the 50 years when the top federal tax rate was more than 50%, the number of pages of federal tax laws increased from 504 pages to more than 26,000 pages. Most new tax laws enacted various loopholes that allowed people with high incomes to avoid paying 80% to 90% of their income as federal income tax. Many have argued that America would be much better off with a low “flat tax” with no exemptions, deductions and other loopholes than our present system of high tax rates and many loopholes.
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