“Who could impose such socialistic confiscatory rates?”

Not familiar with the man himself, on the surface it seems to be a pretty stupid question.

And yet we still prosper with more millionaires and billionaires than ever. Apparently the income tax rate has little to do with socialism or confiscatorism. Americans prosper very well. The rich whoever they are still know how to get money from the poor whoever they are.

I'm with Anon, I have no knowledge of the author or what he is intending to say here. I do have knowledge concerning the, on the quote's face, concepts. A confiscatory progressive tax (larceny) on the noble laborer's fruit is one of the planks that defines socialism. Who could impose such? The immoral, the pridefully ignorant, those that equate the number of millionaires and billionaires to freedom and liberty, theologist control freaks, thieves, liars, slave masters, etc. could and do impose such.

The answer is simple, our government.

From Wikipedia: “A fear expressed by a number of opponents was that the proposed law, with its low rates was the camel's nose under the tent that once a tax on incomes was enacted, rates would tend to rise. Sen. William E. Borah of Idaho was outraged by such anxieties, and derided a suggestion that the rate might eventually climb as high as 20 percent. Who, he asked, could impose such socialistic, confiscatory rates? Only Congress. And how could Congress, the Representatives of the American People, be so lacking in fairness, justice and patriotism?” -- Wall Street Journal, October 5, 1973. Page 8 at columns 4-6. ---Wikipedia article on Wm E Borah.

Waffler, I "prosper" when I spend my income AND beyond, on credit cards. I suffer when the bill comes due, as it is now. We keep printing fiat money, keep spending more than we have, which brings happy times, but the bill is now in our mailbox. Is this what you call prosperity? I call it suicide.

Yeah Waffler, the human race started when you were born and will end when you die. Why think long-term?!

Yes Tony D we need to think long term. And that means to me we must be honest and honorable people right now and pay our debts. We send our youth to the Middle East to die but we did not have the courage to pay for it. We have incurred debt for 20 or more of the last 28 years. It is time we STAND up like adults and demand that the debts be paid and then the taxes cut. Short term views on finance and the environment have all caused us problems.

"Who could impose such socialistic confiscatory rates?" The US government of course. Socialism has become the de facto form of government in the USA. The US government went from 'federal' to 'national' after the Southern States were forced back into the Union. Nationalism places the central government as the sovereign, and all the people subjects. State sovereignty was lost, as well as individual sovereignty for that matter.

Then once the money system was taken over by the private banking cartel, the national government bankrupted itself with unpayable debt, and now all of us are chattel. Fascism was well embraced under FDR, and that is the closest definition to the form of government in the US today. It is the banking class that controls the news, the political parties, military-industrial complex, mortgages, savings, insurance, health care, shipping, manufacturing, etc..

This is the epitome of Nationalist Socialist Democracy, as it was called in Germany, Nazism. Americans are falling for it just like the Germans did. It can't happen here? It already has!

Waffler, you are still a ? ? ? What does the 2nd plank of the communist manifesto say to you. Since 1913 the U.S.A has not progressed economically at a rate as it had before. There are fewer millionaires and billionaires in the U.S. A. now than when Mr. Obamunist Goodwrench the assassin took office.

"Big Bill" Haywood of the IWW Industrial Workers of the World, a leading member of the socialist party of America, was spear heading industrial unionism in Idaho. This taking place at the time of President Theodore Roosevelt's administration of the progressive party. Big Bill was on trail for the murder of Governor Frank Steunenberg. Governor Borah apposed the socialist movement at that time, President Roosevelt indicted Governor Borah for conspiracy to defraud the "U.S." Barber Lumber Company. Borah backed off the murder trail, Roosevelt did likewise with Borah. 

Considering the tyranny in the labor market, I don't think Roosevelt had a choice just like FDR before the war, they both knew what they were doing to combat communism. A broad overview of things to come. Roosevelt kept his eyes on the stars. 
Semper fi and God Bless