It’s been one hundred years since the modern income tax was created, via the 16th Amendment to the U.S. Constitution. Back then income tax rates ran from 1% for annual incomes over $3, 000 to 7% for annual incomes over $500,000 (that’s $11.6 million in today’s dollars!). Current tax rates run from 10% to 39.6%. Meanwhile, the income tax code has gone from a hefty 400 pages to a whopping 44,000 pages. My how times have changed. Here’s more from Delaware Online:
Pop Quiz: What book has more than 7 million words in multiple chapters, attempts to influence our behavior toward good ends, is complex and often contradictory, and requires interpretation by learned studiers of its texts to distill its basic principles for the masses of us for who this tome is supposed to provide benefit? It’s not the King James version of the Bible. It’s the current United States Tax Code.
The giveaway: While the U.S. Tax Code has more than 7 million words, The Bible is a relatively slim pamphlet at only 774,746 words. It wasn’t always this way. In 1913, the year the personal incomewe now labor under was instituted, the number of pages contained in the entire Tax Code stood at 400 (most of those dealing with tariffs). The Bible actually was longer at 1,291 pages.
As of 2010, the United States Tax Code stands at a whopping 71,684 pages (according to CCH Standard Federal Tax Reporter, though in fairness, that includes repealed or modified portions of earlier versions of the tax code. The current, live portion runs a mere 44,000 pages.) The original 1913 Tax Form 1040 blissfully topped out at a rate of 7 percent – the “fair share” due of the uber rich in the eyes of then President Woodrow Wilson who obviously never had been a community organizer at any point in his career…
(See the rest at Delaware Online)