Quotation of the Day

Jim Powell, Editor, Laissez Faire Books and Author

“FDR tripled taxes during the Great Depression, from $1.6 billion in 1933 to $5.3 billion in 1940. Federal taxes as a percentage of the gross national product jumped from 3.5 percent in 1933 to 6.9 percent in 1940, and taxes skyrocketed during WW II.  FDR increased the tax burden with higher personal income taxes, higher corporate taxes, higher excise taxes, higher estate taxes, and higher gift taxes.  He introduced the undistributed profits tax.  Ordinary people were hit with higher liquor taxes and Social Security payroll taxes.  All these taxes meant that there was less capital for businesses to create jobs, and people had less money in their pockets.” ― FDR’s Folly, How Roosevelt and His New Deal Prolonged the Great Depression, Copyright ©2003 by Jim Powell, Published by Crown Forum, New York, NY, Page ix of 336 Pages.

About Michael

Retired military officer; retired Air Force civil servant; retired executive, DS Information Systems Corporation; writer; researcher; reader and avid yachtsman.
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