As we continue to watch the scandalous abuses of the IRS continue to ooze out of that agency like puss from a boil, it is worth noting how the income tax came about in the first place...riding on the steed of class warfare, where the poor and middle class were promised that the tax would never hit them, but only those evil rich people that it is so fun to hate. When the income tax was passed after the ratification of the 16th Amendment, the lowest tax rate was 1% on income of up to $20,000 (about $465,000 in 2013 inflation-adjusted dollars) with an exemption of $3000 for single filers (about $69,750 in 2013 dollars) and $4000 for married filers ($93,000 in 2013 dollars), and the highest was 7% on those with incomes of over $500,000 ($11.6 million in 2013 dollars). Americans were promised that the income tax would bite only the highest earners. Today, the lowest rate is 10% for those making up to $8,925 for single filers, and a top rate of 39.6% for those that earn $450,000 or more, an enormous increase. Because previous generations hated those with more than they more than they loved liberty, we now have an agency that can legally pry into every corner of our lives, harass and intimidate us, take our earnings without a warrant, and now it will even dictate the terms of our health care. Was it worth it?
Posted on: Mon, 03 Jun 2013 18:04:17 +0000
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