October 03, 2009

Today in History

In 1941, Adolf Hitler declared in a speech in Berlin that Russia had been "broken" and would "never rise again."

In 1990, East and West Germany reunite after 45 years.

In 1863, expressing gratitude for a pivotal Union Army victory at Gettysburg, President Abraham Lincoln announces that the nation will celebrate an official Thanksgiving holiday on November 26, 1863.
(The speech, which was actually written by Secretary of State William Seward, declared that the fourth Thursday of every November thereafter would be considered an official U.S. holiday of Thanksgiving.)

In 1917 Congress passed the War Revenue Act. Under the 1917 act, a taxpayer with an income of only $40,000 was subject to a 16 percent tax rate, while one who earned $1.5 million faced a rate of 67 percent. While only five percent of the U.S. population was required to pay taxes, U.S. tax revenue increased from $809 million in 1917 to a whopping $3.6 billion the following year. By the time World War I ended in 1918, income tax revenue had funded a full one-third of the cost of the war effort.

(Congress realized what a Golden Goose they had in the WRA and never looked back.)

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