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Dec 03

Wartime Tax increase

At 5.04 percent of Gross Domestic Product, the Revenue Act of 1942 weighs in as the highest U.S. tax increase on record. This graphic provided by the Newspaper Enterprise Association carries a flippant caption it is unclear if this was a locally written or came from the wire service. Under the new plan some money would be refunded after the war and medical expenses would now be deductible. It was published in the Telegram-Tribune July 20, 1942 as America was building armed forces for World War II.

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