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lynk2510



Male Number of posts : 657
Registration date : 2011-01-31

PostSubject: to $25,000 (about $337,0   Fri Jul 01, 2011 11:27 am

raise income taxes before World War II began; however payroll taxes were also introduced to fund the new Social Security program in 1937. He also got Congress to spend more on many various programs and projects never before seen in American history. However, under the revenue pressures brought on by the depression, most states added or increased taxes, including sales as well as income taxes. Roosevelt's proposal for new taxes on corporate savings were highly controversial in 193637, and were rejected by Congress. During the war he pushed for even higher income tax rates for individuals (reaching a marginal tax rate of 91%) and corporations and a cap on high salaries for executives. He also issued Executive Order 9250 in October 1942, later to be rescinded by Congress, which raised the marginal tax rate for salaries exceeding $25,000 (after tax) to 100%, thereby limiting salaries to $25,000 (about $337,000 today).[88][89][90] To fund the war, Congress broadened the base so that almost every employee paid federal income taxes, and introduced withholding taxes in 1943.
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