100th Anniversary of the Income Tax

Heather Ginsberg

2/3/2013 3:00:00 PM - Heather Ginsberg

Today is the 100th birthday of the income tax. On February 3, 1913 the 16th amendment was ratified, which enabled the establishment of the federal income tax. This is ever in our mind as tax season is now upon us.

Look at this graphic that Americans for Tax Reform released in honor of the 100th anniversary:

 

1913

2013

Top Tax Bracket

7%

39.6%

Tax Bracket Range

1% - 7%

10% - 39.6%

Top Tax Bracket Threshold (today's dollars)

$11.6 million

$450,000

Total Tax Revenues (today's dollars)

$16.6 billion

$2.7 trillion

Family Standard Deduction (today's dollars)

$93,000

$12,200

Total Number of 1040s filed

358,000

140 million

Total Pages in Tax Code

400

73,954


 

Is it just me, or does this show something is a little off? Oh yeah, remember that part where liberals think the rich need to pay their fair share! Look at our top tax bracket, who on earth would have thought one hundred years ago we would be asking almost half of Americans to pay even more in taxes?

Well, happy tax season! And the happiest of birthdays to one of the biggest pains!