Biden's proposed new tax form:
Posted on 04/15/2024 8:54:52 AM PDT by zeugma
In 1913 the 16th Amendment to the U.S. Constitution was ratified. It was a fairly short amendment, as such things go, weighing in at a whopping 30 words. It reads as follows:
The Congress shall have power to lay and collect taxes on incomes, from whatever source derived, without apportionment among the several states, and without regard to any census of enumeration.
It was a simple little thing, with rather large consequences for the republic. Prior to the income tax being instituted, the United States government managed to fund itself with various excise taxes, and duties on imports. Afterwards, such taxes pale into insignificance to the revenue generated by the income tax.
Those of us who actually pay taxes are familiar with the 1040 form. It was way back in 1913 that the IRS (Infernal Revenue Service) unvelied this form. The modern form (PDF) is a two page document that requires an instruction manual that is 104 pages long. This does not include all the ancillary schedule forms and their associated instructions.
The 1913 form (PDF) was actually longer, being three pages in length, however the instructions were printed on a single page of paper.
Back in 1913, there were 6 tax brackets.Those making under $20,000 per year paid no tax. According to this inflation calculator, $20,000 in 1913 was equivalent to $580,816.16 in 2022. This first $20k was subtracted from your income so even if you made $30,000, you were only taxed on the last $10,000 of it. The rate was a whopping 1%. So, let's take that hypothetical person who made $30,000 in 1913. He would have paid $100 in taxes on it. If you run that through the above inflation calculator, you'll see that it would be equivalent to $2,515.06 today. Well, that sounds like a lot of money until you consider that what that really means is that in today's dollars, someone would have to make $754,518.18 per year to pay that $2,515.06 in income tax.
How do you like them apples folks?
Until they're NO LONGER ALLOWED to rule.
That day WILL SOON COME!
Biden's proposed new tax form:
The tax rate was only 1%.
BOHICA b——es!
My experience is similar.
True. I think we might actually see some change if everyone had to write a check for the full amount actually owed every year.
The rate should not be more than 10%. Even God only asks for 10%.
Also, the rate itself should be written directly in the Amendment itself, so that it would take another Constitutional Amendment to change it.
Same thing.
Like I said, it’s what Friedman suggested. His reason was that it would sustain current expenditures. Your reason is not an economic argument.
Quit paying taxes, I can’t believe people want a simpler and lower rate of taxes. How about -0-? The country can get what it needs from Constitutional methods, like import and excise fees. Do things like kick out invaders, and protect our shores and quit worrying about “defending the Empire”. They can always issue TEMPORARY TAXES for such things as a war where we are actually attacked.
If the government weren't filled to the brim with murderous thugs who take great joy in killing anyone that stands in thir way I would.
The U.S. government is feral. there is only one way to take care of a feral animal.
Yes. Defund giveaways of billions of dollars to other countries around the world, that have nothing to do with defending our empire. Especially giveaways to our enemies abroad! Defund Gaza at the very least! I want my tax dollars used to block our borders and to deport invaders, which the current resident in the White House won't do!
INCREDIBLE - and they didn’t even require a Social Security Number! I guess people were more honest back then.
Eliminate all deductions, exceptions, and other loopholes.
Let's say the tax rate was set at 5 per cent of income.
So if your income is $20,000, you pay $500.
If $200,000 income, your tax is $10,000.
If you have $100 million in income, your tax is $5 million.
End of story. 5% might be too high though!
I’ve seen calculations that put the percentage at 17% to be revenue neutral.
Perhaps individuals were, but the government never is. You'll notice the 1st $20k was exempt from taxation. What percent of the population do you think made more than $20k (equivalent to $630k today) If Americans had realized what a beast this would have become, it would never have passed.
17% I would take. It’s less than the rate I pay now, which is around 24% I believe.
OK, but I think the author could have illustrated his point better; and his point was the 16th amendment “. . . was a simple little thing, with rather large consequences for the republic.”
By my math using the tax computations worksheet someone in 2023 having a taxable income of $750,000 would pay over $209,000 of federal income taxes - - not $2,500. Set aside FICA taxes up to 15.3 percent (yes, I know I'm supposed to pretend the employer pays half.)
If the author wanted to reveal the “large consequences” of the 16th, he missed by quite a lot. Today we can thank the 16th for the upper rate of 37 percent.
All well and good- but the Great Depression followed the creation and extension of the financial powers of the “Federal” Reserve Bank which is no more “Federal” than FedEx.
Let’s not forget FDR’s seizure of private held gold. That happened. Explain that... and it was way prior to Nixon taking the country off the Gold Standard to be replaced by Petrodollars. A really stupid thing to do— agree with you on that.
Anyone curious ABOUT WHAT THE HELL IS CAUSING THIS “INFLATION” INSANITY?
(HINT:A VIOLATION OF THE CONSTITUTION as usual!)
These videos answer that question:
PAPER DEBT MONEY PART 1 of 2:
https://youtu.be/hpxc80iFRvA?si=McVsTSPqCyVJgGHq
PAPER DEBT MONEY PART 2 of 2
https://youtu.be/nUdQd0CoyB8?si=ev66YSBYrugfJ0Nl
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