The History of Taxes
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Description
It starts with TAXES. If you are a married couple in the US today and you make $120k/year, your effective Federal Tax Rate is 13.1%. That number is lower than...
show moreyour effective Federal Tax Rate is 13.1%. That number is lower than at any point in history for a
middle class couple. In 1978, a married couple in the US making $60k (reduced for inflation)
had an effective Federal Tax Rate of 53.3%.
Coincidentally, 1978 is the first year the IRS allowed workers to defer income into a 401k. The
federal debt was still measured in Billions (not Trillions) and the Dow Jones Industrial average
closed the year Under $1,000.
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Author | NewsRadio 1450/1370 WKIP (WKIP-AM) |
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