Death, and Pocket Change

Some perspective on tax day….

  • At the original tax rates established in 1913 after ratification of the 16th amendment, only 1% of the population paid federal income tax
  • Single filers paid taxes on every dollar after $17,000 and married couples after $20,000 –   Adjusted to today’s dollars, that is $374, 440 for individuals and $440,400 for couples
  • The top marginal rate in 1913 was 7% and applied to incomes over $500,000 – adjusted to today’s dollars that would be $11.1 million 
  • Top to bottom ratio in 1913 was 7:1  or 7%- 1%
  • In 1980, the top to bottom ratio was 70%-11%   (roughly the same disparity) 
  • Currently, top to bottom is 35%- 10%
  • Under the current brackets, individuals are only exempted $9,350 and couples $18,700 – – adjusted percentages from 1913 would be $66,100 for singles and $88,100 for couples

    I want you…with less exempt income

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