“In 1916, 206 families or individuals filed returns reporting income of $1 million or more.” Enter President Wilson’s wartime tax. In 1917, 141 returns noted income of $1 million or more. By 1921, 21 families reported a million-dollar income.
https://www.city-journal.org/html/growth-not-equality-15643.html
In the 2016 presidential election, Democratic candidate Hillary Clinton said she would pay for her free college proposal by going where the money is; that is, taxing wealthy Americans even more.
What happens when there are no more wealthy people to tax?
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