A usstuckonstupid.com brief by Christopher Chantrill
As soon as the states had ratifed the Sixteenth Amendment to the US Constitution, Congress passed an income tax. It began with a tax on married couples of one percent on taxable incomes over $4,000 and seven percent on incomes over $500,000.
1929-1939: A Decade that will live in stupidity.
Seventy years ago the leaders of both US political parties turned away from the policies that had created an economic powerhouse we call the Roaring Twenties. For ten long years Americans suffered through wrenching economic dislocations: deflation, inflation, a four-year economic contraction, endless unemployment, mindless political experiments, and ruthless attacks on businessmen for political gain as their leaders stayed Stuck on Stupid.
Today, after a twenty-five year economic boom, Americans are once more faced with a political elite that wants to monkey with success. It wants to raise tax rates. It wants to restrict trade. It wants to increase government power.
Its time to look back and remind ourselves how it came to be, starting in 1929, that America got itself Stuck on Stupid. Otherwise it could happen again.