There is nothing certain in life except death and taxes. Did you know in 1913 the government decided to create a tax to pay for World War I? It was introduced as a temporary thing! Think your in a high tax bracket?
Did you know the highest tax rate in history was in 1944 and 1945 when America was paying for World War II? The highest tax bracket at that time was a whopping 94% for income over $200,000!
In addition to that, the average top tax bracket since inception is 58.61% as of 2013!
In the graph below, if you follow the timeline and look at what preceded spikes in taxes you would see several wars, the stock market crash preceding The Great Depression, and changes in presidencies. Now look to the recent years. Taxes have remained relatively level for the last 20 years, but we have been at war for many years with high spending. What do you feel is in store for tax payers in the next several years?
