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Broad ownership needs broad taxpaying: if we encourage the first without the second, we may regret it.
After the Sixteenth Amendment to the U.S. Constitution, authorizing an income tax, was ratified in 1913, Congress enacted a levy immediately. Initially, just 1 percent of the population paid this income tax, and the top rate of 7 percent applied only to earnings in excess of $500,000--affecting very few citizens at the time.
Soon, however, amidst abundant calls to "soak the rich," the personal income tax was expanded. By 1918, the top marginal rate had been pushed up to 77 percent. Over subsequent decades, income tax rates were raised and lowered many times, with the top rate peaking at 94 percent in 1944. (This was no wartime fluke: the top marginal rate was ...
- Individual income tax rates and shares, 1999.(Statistical Data Included)
- Magazine article from: Statistics of Income. SOI Bulletin Parisi, Michael Campbell, Dave December 22, 2001 700+ words
...million, or 74.4 percent, showed some income tax liability. The average...billion, while total income tax increased 11.3 percent to $877 billion. For...taxpayers also paid 55.5 percent of the total income tax for 1999, an increase...
- State income-tax system called 'broke'.
- Newspaper article from: Providence Journal (Providence, RI) May 19, 2005 700+ words
...couples is now 9.9 percent, the highest among...have a broad-based income tax, the study said...5 percent or 7 percent, from the current 9.9 percent, helping to make...said. If the state income-tax system were broadened...
- INCOME TAX IS NEEDED, PANEL TELLS LEGISLATURE.(News)
- Newspaper article from: Seattle Post-Intelligencer (Seattle, WA) Galloway, Angela Nyhan, Paul December 4, 2002 700+ words
...including imposing a 3.8 percent state income tax, lowering the state sales tax to 3.5 percent from 6.5 percent and...property taxes by 24 percent. "We are saying that...voters to create an income tax is a way to do that...
- Individual income tax rates and tax shares, 2000.
- Magazine article from: Statistics of Income. SOI Bulletin Campbell, David Parisi, Michael December 22, 2002 700+ words
...8 million, or 74.8 percent, showed some income tax liability. The average...while, average total income tax increased 9.1 percent to $10,129. Total...consecutive year, the percent of total income tax reported by the top 5...
- Personal income tax a possibility: In Northampton Area, not all homeowners...
- Newspaper article from: Morning Call (Allentown, PA) January 16, 2007 700+ words
...to a new "personal income tax," in response to...taxes, but about 30 percent of residents would...creating the personal income tax would be more fair...could create a 1.4 percent personal income tax and refund $435 in...
- Income Tax: Historical Perspectives
- Encyclopedia entry from: Encyclopedia of Business and Finance, 2nd ed. Harris, Jean January 1, 2007 700+ words
...support, a modest income tax was adopted. The...initial tax rate was 2 percent. The prevailing...which legalized an income tax, was submitted...time, roughly 2 percent of American households...MODIFICATIONS TO FEDERAL INCOME TAX OVER TIME Various...
- Individual Income Tax Rates and Shares, 1997.
- Magazine article from: Statistics of Income. SOI Bulletin Campbell, David Parisi, Michael March 22, 2000 700+ words
...of which more than 76 percent showed an income tax liability. Despite the...period, average total income tax increased 8.1 percent to $7,824. Total...also reported 51.9 percent of the total income tax for 1997, an increase...
- "Homemade" income tax forms may constitute valid returns.(IRS rules)
- Magazine article from: The Tax Adviser April 1, 2001 700+ words
...taxpayers file their own "homemade" income tax forms in lieu of the official Forms 1040...not attach Forms W-2. These homemade income tax forms impede the IRS's ability to process...about the status of these documents as "income tax returns." The issue is whether there...
Source: HighBeam Research, Broad ownership needs broad taxpaying: if we encourage the first...