Inspirational Quotes, Motivational Sayings, and Wise Words for Daily Inspiration

income-tax-rockefellers-morgans-vanderbilts-top-4-percent-top-rate-1913-7

The income tax only taxed the Rockefellers, the Morgans and the Vanderbilts. It was aimed at the top 4 percent, and the top rate then in 1913, was 7 percent. Woodrow Wilson had a big ceremony and said, "I'm delighted to be president at the creation of this popular new tax."

T.R. Reid's Popular Quotes

Professor Eric Zolt of UCLA, said to me, "The VAT is such a good idea, mark my words, within five years, the U.S. will have a VAT." Then he said, "Of…

- T.R. Reid

It was an easy thing to tax for a young country. And then gradually we moved to property taxes, manufacturing taxes, and the income tax was the answe…

- T.R. Reid

France, they're the world champion at soaking the rich on taxes. And at one point, they had what they called a hyper tax, 75 percent, and Gérard Depa…

- T.R. Reid

We have the most expensive compliance system in the world. The IRS brags that they spend 35 cents for every $100 they collect. They're very efficient…

- T.R. Reid

If you get rid of all these giveaways and loopholes and deductions and credits, then you can sharply lower the rates.

- T.R. Reid

We cut tax exemptions in 1986, it was the most admired tax reform in U.S. history. Congress and the president worked together then to eliminate score…

- T.R. Reid

The higher the rate, the more interest there is in avoiding the tax. Either you move or you shift your profits overseas, as American corporations hav…

- T.R. Reid

Relative to the world's other advance democracies, Americans get off easy on tax day. Of the 35 richest countries, the U.S. ranks 32nd in total tax b…

- T.R. Reid

Mortgage is one of the most popular deductions. It costs the Treasury about $103 billion a year. Now that's money we could use to treat wounded veter…

- T.R. Reid