Good Morning Gentle Readers,
The first year the federales taxed personal incomes was 1913. A married couple paid ZERO income tax until the net taxable income exceeded $84,920.00 (inflation adjusted).
For taxable incomes between $84,920 and $424,601.00 (inflation adjusted) the tax rate was ONE PERCENT. That's $4,246.00 on an income of four hundred grand and change.
That's how they sold it. Tax the rich. That's how they still sell it. Tax the rich. But in the end, there aren't enough rich people to fleece and you-know-what rolls down hill. Were all rich now.
Tax Freedom Day was January 30 not April 9.
Original four page tax 1913 return here.
Kind of helps put our 3.7 trillion dollar federal budget and the trillion dollar war into perspective. Eh?
BTW, the national debt now stands at 14 trillion dollars and if you spend $443,937 per second for the next year, you won't quite spend 14 trillion dollars.