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100th Anniversary of the Income Tax
Townhall.com ^ | February 3, 2013 | Heather Ginsberg

Posted on 02/03/2013 4:05:49 PM PST by Kaslin

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!


TOPICS: Business/Economy; Culture/Society; Editorial; Government
KEYWORDS:

1 posted on 02/03/2013 4:05:56 PM PST by Kaslin
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To: Kaslin

Yiipppeee!! 100 years of serfdom.


2 posted on 02/03/2013 4:16:28 PM PST by BipolarBob (Happy Hunger Games! May the odds be ever in your favor.)
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3 posted on 02/03/2013 4:22:01 PM PST by SunkenCiv (Romney would have been worse, if you're a dumb ass.)
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It's worth remembering that in 1801, when Jefferson became president, the US national debt was around $100 million, about 10 times annual federal revenues. This was literally "the cost of freedom," and would correspond today to a national debt around $30 trillion. Since our actual national debt is $13+ trillion, the government is in better financial shape today than it was in Jefferson's time. And at the time, Jefferson's number one priority was paying down the national debt. So, how did he do it? How does ANY wise government ever increase its revenues? Yes, that's right! JEFFERSON REDUCED GOVERNMENT SPENDING AND CUT TAXES. -- Victor Davis Hanson: Wall Street 101 #45 by BroJoeK

4 posted on 02/03/2013 4:23:18 PM PST by SunkenCiv (Romney would have been worse, if you're a dumb ass.)
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To: Kaslin

The fraud continues....Guess what the standard exemption was in 1913? That will tell you who was taxed and on what.


5 posted on 02/03/2013 4:23:27 PM PST by wesagain (The God #Elohim# of Abraham, Isaac and Jacob is the One True GOD.)
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OPEC Has Already Turned to the Euro
GoldMoney Alert
February 18, 2004


...The source for the euro exchange rate is the Federal Reserve, and I have calculated the euro's average exchange rate to the dollar for each year based on daily data.
US Imports of Crude oil
(1)
(2)
(3)
(4)
(5)
(6)
Year
Quantity (thousands of barrels)
Value (thousands of US dollars)
Unit price (US dollars)
Average daily US$ per € exchange rate
Unit price (euros)

2001

3,471,066
74,292,894
21.40
0.8952
23.91
2002
3,418,021
77,283,329
22.61
0.9454
23.92
2003
3,673,596
99,094,675
26.97
1.1321
23.82
We can see from column (4) in the above table that in 2001, each barrel of imported crude oil cost $21.40 on average for that year. But by 2003 the average price of a barrel of crude oil had risen 26.0% to $26.97 per barrel. However, the important point is shown in column (6). Note that the price of crude oil in terms of euros is essentially unchanged throughout this 3-year period.

As the dollar has fallen, the dollar price of crude oil has risen. But the euro price of crude oil remains essentially unchanged throughout this 3-year period. It does not seem logical that this result is pure coincidence. It is more likely the result of purposeful design, namely, that OPEC is mindful of the dollar's decline and increases the dollar price of its crude oil by an amount that offsets the loss in purchasing power OPEC's members would otherwise incur. In short, OPEC is protecting its purchasing power as the dollar declines.

6 posted on 02/03/2013 4:23:30 PM PST by SunkenCiv (Romney would have been worse, if you're a dumb ass.)
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To: AdmSmith; AnonymousConservative; Berosus; bigheadfred; Bockscar; ColdOne; Convert from ECUSA; ...

Thanks Kaslin.


7 posted on 02/03/2013 4:24:21 PM PST by SunkenCiv (Romney would have been worse, if you're a dumb ass.)
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To: Kaslin

Don’t worry. It’s just temporary.


8 posted on 02/03/2013 4:28:00 PM PST by clintonh8r (Happy to be represented by Lt. Col. Allen West)
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To: Kaslin

The 16th and 17th were two of the most devastating amendments to the constitution.

Perfect examples of why you don’t have constitutional conventions when Washington is full of progressives.


9 posted on 02/03/2013 4:32:24 PM PST by cripplecreek (REMEMBER THE RIVER RAISIN!)
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To: All


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10 posted on 02/03/2013 4:37:56 PM PST by musicman (Until I see the REAL Long Form Vault BC, he's just "PRES__ENT" Obama = Without "ID")
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To: clintonh8r

What is just temporary


11 posted on 02/03/2013 4:39:03 PM PST by Kaslin (He needed the ignorant to reelect him, and he got them. Now we all have to pay the consequenses)
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To: All
Flash Forward: Apr 2012
Christina Romer Knows Tax Hikes Will Kill the Recovery
http://www.forbes.com/sites/charleskadlec/2012/04/23/christina-romer-knows-tax-hikes-will-kill-the-recovery/

In a paper entitled: “The Macrcoeconomic Effects of Tax Changes” published by the prestigious American Economic Review in June 2010 (during her tenure at the White House), she stated: “In short, tax increases appear to have a very large, sustained, and highly significant negative impact on output.”

...The Romers’ baseline estimate suggests that a tax increase of 1% of GDP (about $160 billion in today’s economy) reduces real GDP by 3% over the next 10 quarters.

12 posted on 02/03/2013 4:42:26 PM PST by Son House (Romney Plan: Cap Spending At 20 Percent Of GDP.)
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To: Kaslin

The four worst socialists presidents we ever had were Wilson, Roosevelt, Johnson, and Obama.


13 posted on 02/03/2013 4:43:43 PM PST by Blood of Tyrants (There is no requirement to show need in order to exercise your rights.)
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To: Kaslin

Makes on wonder how the nation survived without a tax from 1776 to 1913.


14 posted on 02/03/2013 4:44:18 PM PST by Ruy Dias de Bivar (Click my name! See new paintings!)
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To: Blood of Tyrants

Franklin or Teddy? Or both?


15 posted on 02/03/2013 4:45:12 PM PST by abb
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To: Kaslin

IMO, more damaging than the income tax itself was the artifice adopted that allowed surreptitious collection of it.

The Curse of the Withholding Tax
http://mises.org/daily/1797

http://en.wikipedia.org/wiki/Beardsley_Ruml


16 posted on 02/03/2013 4:50:10 PM PST by abb
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To: clintonh8r

The income tax.


17 posted on 02/03/2013 4:57:14 PM PST by clintonh8r (Happy to be represented by Lt. Col. Allen West)
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To: Kaslin

A Tax-every-cent-ennial.


18 posted on 02/03/2013 4:59:58 PM PST by Chad N. Freud (FR is the modern equivalent of the Committees of Correspondence. Let other analogies arise.)
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To: abb; All
Here are the

Personal Exemptions and Individual Income Tax Rates 1913-2002 PDF

See pages 4 and 5 for the rates

19 posted on 02/03/2013 5:00:29 PM PST by Kaslin (He needed the ignorant to reelect him, and he got them. Now we all have to pay the consequenses)
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To: Blood of Tyrants

What about Carter?


20 posted on 02/03/2013 5:05:58 PM PST by Kaslin (He needed the ignorant to reelect him, and he got them. Now we all have to pay the consequenses)
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To: Kaslin

Be wary of those asking for a VAT or flat tax. Politicians will offer that they be temporary or very small, “not even noticable,” and then they will ratchet it up.

BTW, they will promise to phase out the income tax as the flat tax ramps up. However, I betcha that we will end up with both. Some form of income tax AND a flat tax. Sort of a two for one deal.


21 posted on 02/03/2013 5:08:16 PM PST by dhs12345
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To: abb

Franklin


22 posted on 02/03/2013 5:12:23 PM PST by Blood of Tyrants (There is no requirement to show need in order to exercise your rights.)
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To: Kaslin

He doesn’t hold a candle to the presidents who gave us the Federal Reserve, the income tax, popularly elected senators, Prohibition, the War on Drugs, segregated military, Social Security, the minimum wage, the “Great society”, and socialized medicine.


23 posted on 02/03/2013 5:17:23 PM PST by Blood of Tyrants (There is no requirement to show need in order to exercise your rights.)
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To: Blood of Tyrants
"The four worst socialists presidents we ever had were Wilson, Roosevelt, Johnson, and Obama.

Lincoln belongs on that list of shame.

24 posted on 02/03/2013 6:06:26 PM PST by UnwashedPeasant
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To: wesagain

Okay, what was it?


25 posted on 02/03/2013 10:01:38 PM PST by Army Air Corps (Four Fried Chickens and a Coke)
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To: Army Air Corps

It was $4000! Why is that? Because a working person’s income from his labors couldn’t be taxed. Realize what the average annual income was a hundred years ago.


26 posted on 02/04/2013 4:33:38 AM PST by wesagain (The God #Elohim# of Abraham, Isaac and Jacob is the One True GOD.)
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