The Long Sordid Tale of the American Income Tax - Reason.com
"It's the time of year again when most Americans will be filing their income taxes.
As if that's not painful enough all by itself, here's a little more salt for your wounds.
First, some history:
In 1913 the U.S. federal individual income tax was enacted following the passage of the 16th Amendment, which granted Washington the authority to take a piece of citizens' paychecks. According to the Tax Foundation, the top tax rate that year (adjusted for inflation) was 7 percent on income above $11.5 million; the lowest rate was 1 percent on income under $463,826.
...The flip side of America's progressivity is that the bottom 50 percent of households in the U.S. only shoulder 2.8 percent of the total tax burden.
Read on.
Long.
Sordid.
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