The 1924 Revenue Act Set a Top Marginal Tax Rate of 46 Percent

I was browsing through old editions of the Federal Register—who doesn’t, after all?—and learned that the Revenue Act of 1924 set a tax rate of 43 percent on incomes over $100,000 and 46 percent on incomes over $500,000. That’s about the equivalent of $1.5 million and $7 million, respectively, today, compared to a top marginal rate of 37 percent in current law. It’s remarkable, isn’t it, that even a conservative Republican administration in the era of small government taxed the rich more than we do today? It’s also worth noting that the 1924 Act set up 43 tax brackets. Apparently it never occurred to them to invent a dumb canard about lots of brackets having anything to do with the complexity of filing a return.

Oh, and there’s also this. Just thought I’d post it for no particular reason.

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Reclaiming power from those who abuse it often starts with telling the truth. And in "This Is How Authoritarians Get Defeated," MoJo's Monika Bauerlein unpacks six truths to remember during the homestretch of an election where democracy, truth, and decency are on the line.

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SIX TRUTHS

Reclaiming power from those who abuse it often starts with telling the truth. And in "This Is How Authoritarians Get Defeated," MoJo's Monika Bauerlein unpacks six truths to remember during the homestretch of an election where democracy, truth, and decency are on the line.

Truth #1: The chaos is the point.

Truth #2: Team Reality is bigger than it seems.

Truth #3: Facebook owns this.

Truth #4: When we go to work, we're in the fight.

Truth #5: It's about minority rule.

Truth #6: The only thing that can save us is…us.

Please take a moment to see how all these truths add up, because what happens in the weeks and months ahead will reverberate for at least a generation and we better be prepared.

And if you think journalism like Mother Jones'—that calls it like it is, that will never acquiesce to power, that looks where others don't—can help guide us through this historic, high-stakes moment, and you're able to right now, please help us reach our $350,000 goal by October 31 with a donation today. It's all hands on deck for democracy.

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