Hurtling into an adapted version of 2nd Lockdown Christmas and its global impact. Vaccine Apartheid is to our shame; we now have the luxury of booster shots and have over 90% of our population vaccinated. The African continent with 1.3 bn people have just 7% vaccinated. By now we must be asking what is the cost of this Pandemic and how will we pay the debts we owe. 2008 they just kept printing money. Now for some strange reason, in the west, economic growth in certain countries is rising (probably due prices rising because of shortage of supplies, trucks, labour) and the word “inflation” is floating around. Signs on “For Sale signs” on houses, quickly result in sold. Stashing cash in hard core assets is probably the reason for this. However eventually these debts will have to be paid. World War II resulted in the “The New Deal” under Franklin D. Roosevelt. We have to ask is the wisdom of President Biden and his Trillions of US$ infrastructure spend a mirror in time. If so, this little piece is worth a thought! FAANG’s add Microsoft, Tesla, and many others … time to pay proper taxes. So much of the foundation of your discoveries started in state run universities and was waiting to be tapped but not exploited.

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The Whys of Taxes

Theme 2: Taxes in U.S. History Lesson 5: The Wealth Tax of 1935 and the Victory Tax of 1942

  Painting of President Franklin D. Roosevelt. Credit National Archives President Franklin D. Roosevelt’s New Deal programs forced an increase in taxes to generate needed funds. The Revenue Act of 1935 introduced the Wealth Tax, a new progressive tax that took up to 75 percent of the highest incomes. Many wealthy people used loopholes in the tax code. The Revenue Act of 1937 cracked down on tax evasion by revising tax laws and regulations.

The cost of World War II exceeded federal tax revenues. The Revenue Act of 1942 proposed the Victory Tax, the broadest and most progressive tax in American history. To ease taxpayers’ burden of paying a lump sum from this mass tax, and to create a regular flow of revenue into the Treasury, the government required employers to withhold money from employees’ paychecks. By the end of the war in 1945, about 90 percent of American workers submitted income tax forms.

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