Problem
Calculate Historical Tax Liabilities In the past, maximum federal income tax rates have been much higher than they are today. In 1944, for example, those who had taxable incomes of $1,000,000 or more paid a marginal tax rate of 90 percent. If a person's taxable income increased from $1 million to $1.1 million in that year, how much of the additional income would he or she have been able to keep? What might have justified such a high tax rate at that time? What impact do you think such a high tax rate would have on the U.S. economy today?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.