Taxes today are as usual a subject of hot discussion. Now Congress is debating their general direction, which is up. In fact, it is way up. The impetus for the rise in taxes comes from US tax policies created in the depths of the Great Depression. Those policies are working right now and will produce much higher tax rates for high income individuals. Congress will eventually re-distribute those high tax rates down the line.
In this piece on Forbes titled What The Great Depression Can Teach Us About Taxes, Dr. Fischer explores the history behind our tax policies as well as what we can expect going forward with regard to our current tax situation.