Democratic (socialist/proto-fascist) President Wilson signs the Revenue Act of 1916:
- Increasing the number of personal “income” tax brackets from six to 14;
- Increasing the lowest personal rate on the first 20,000 Dollars earned from 1% to 2%;
- Increasing the highest personal rate on amounts earned over 500,000 Dollars from 7% to 15% on amounts earned over 2,000,000 Dollars;
- Imposing the first excess profits tax and the first estate tax; and
- Keeping the tax on corporate profits unchanged at two percent.
NOTE: This is the further realization of plank number two of the Communist Manifesto by Karl Marx.
[restored 4/12/2025]
Subsequent Events:
Authority:
“Law of the Jungle”
ccc-2point0.com/preface
References:
Revenue Act of 1916 – Wikipedia
en.wikipedia.org/wiki/Revenue_Act_of_1916
Corporate Income Tax: Definition, History, Rate
www.thebalance.com/corporate-income-tax-definition-history-effective-rate-3306024
Communist Manifesto 10 Planks
www.libertyzone.com/Communist-Manifesto-Planks.html
Current U.s. National Debt:
