When U.S. Income Tax Was Illegal

[JMAC]

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https://www.ozy.com/flashback/when-u...c1fc106f66bb56



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"Ironically, the main impact of the Pollock ruling was to galvanize political support around the 16th Amendment to reintroduce the income tax, says Mehrotra, who is the executive director of the American Bar Foundation. The 1913 reincarnation of the income tax was similar in kind: a 7 percent tax on the wealthiest members of society. But once again, war provided the impetus for change, with rates ballooning to 77 percent during World War I and the proportion of citizens subject to the tax widening to 64 percent during World War II."





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[nicoff]

Interesting. In the old days we raised taxes in the middle of a war (WWI and WWII). Now we lower taxes... [emoji848]

[Karl Maga]

I’m not going to engage this topic beyond saying that the bureaucracy, which is paid for by taxes, is the most powerful estate that exists in our nation. Its also virtually unaccountable.

[cma29]

I filed my taxes last week. Effective rate in the 20% range. Not a big deal.