By the end of the war, FDR’s administration had placed taxable personal income as high as 94%(!). His Brain Trust were all big believers in Federal intervention into the economy – offering all sorts of price freezes and wage freezes in order to limit competition during the Great depression (as if that was a good). As the war kicked-in to high gear, FDR installed a low ceiling upon all high-earners and capped their salaries at $25,000.00 per-year. The glamorous Hollywood actress Anne Sheridan is said to have remarked:
“I regret that I have only one salary to give to my country.”
More on the Hollywood salary caps can be read here.
FDR’s earlier economic failings can be read here…
One Republican in congress referred to FDR as “the one-man depression” – click here to read that article
KEY WORDS: New Deal taxation during WW2,New Deal concept of wartime taxation,New Deal war tax 1942,ww2 taxation article 1942
