from48 hills
2 days agoAbout the billionaire tax-and the weird news media coverage - 48 hills
Taxing the rich to fund social services is, indeed, not a new idea: It's been around since the Civil War, when President Lincoln signed a bill taxing the better-off to pay the Northern efforts in the war. The bill exempted all income of less than what would be $16,000 today, and had a graduated scale: The highest rate, 5 percent, was on incomes of more than $10,000 ( equivalent in purchasing power to about $250,000 today).
US politics