04/17/2017

104 Year Of The Income Tax: Then And Now

Americans for Tax Reform

As Americans finish yet another tax filing season, let’s take a look at the 104-year history of the income tax:

  • In 1913 the top marginal income tax bracket was 7% -- today it is 39.6%.
     
  • In 1913 the marginal income tax bracket range was 1% - 7%. Today the range is 10% - 39.6%.
     
  • In 1913 there were 400 pages in the tax code. Today there are 74,608 pages in the code.
     
  • In 1913 the family standard deduction was $98,425.45 in today’s dollars. The family standard deduction now is just $12,600.
     
  • When the income tax started in 1913, only 358,000 Americans had to file a 1040. Today 148,606,578 Americans file 1040s.

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Keynesian Economics and the Great Depression

Hillsdale College economics professor Gary Wolfram discusses Keynesian economics and the factors that pulled the national economy out of the Great Depression. The story of World War II shows that government spending may produce activity, but not the prosperity of a truly healthy economy.

 

-- Gary Wolfram, Hillsdale College,

Shadow Stats Snapshot


ShadowStats alternate economic indicators are based on the methodology of noted economist John Williams, specialist in government economic reporting.

  • Unemployment:
    BLS: 4.5%
    Shadow Stats: 22.5%
  • Inflation:
    March Year-to-Year: 2.38% (CPI-U*)
    Shadow Stats: 10.1%

*[cpi-u is the Bureau of Labor Statistics inflation rate for all urban consumers]