Originally Posted by Vendzilla

lets go back in history a little

June 6th, Revenue Act of 1932 passed, the largest peacetime tax increase in the nation's history to that date
raised top tax rates from 25% to 63%
reduced personal exemptions from $1,500 to $1,000 for single persons
reduced personal exemptions from $3,500 to $2,500 for married couples

August 30th,1935 Revenue Act (Wealth Tax Act ) passed.
Increased the surtax rate on individual incomes over $50,000, the estate tax on individual estates over $40,000 and graduated steeply taxes on individual incomes over $1 million until the rate was 75% in excess of $5 million.
Decreased the small corporation tax rate to 12% while increasing the corporate tax, on incomes above $15,000 to 15%.
Some excess profits over 10% were taxed at a 6% rate and in excess of 15% at a 12% rate.


It was years after this that the Great Depression ended, lets learn from history, raising taxes doesn't work