Same goes for the federal income tax, by the way. The Revenue Act of 1913 was passed by Congress and part of it established a one percent tax on income above $3k per year. Of course that wasn't adjusted for inflation so this morning I looked up what $3k in 1913 is in today's dollars. $95k. A 3000% decrease in purchasing power in 100 years. Federal income tax is basically zero for some of the lowest income brackets, but still, inflation just made everyone subject to what was once only applied to a specific income bracket.
Will be interesting to see if there is enough support in congress to eliminate the income tax as Trump has proposed.
Jordan Eskovitz
npub1va…vm9qh
2025-01-22 17:27:02
in reply to nevent1q…ptrt
Author Public Key
npub1vahlaghvx9px4yrdw72a06aw9wj7v8ctn75ptx2mfg5em5y965gqnvm9qhPublished at
2025-01-22 17:27:02Event JSON
{
"id": "c44c13aa0026db8239d7170fcb843034abce4728d24d038c4e19280cea3311f8",
"pubkey": "676ffea2ec31426a906d7795d7ebae2ba5e61f0b9fa815995b4a299dd085d510",
"created_at": 1737566822,
"kind": 1,
"tags": [
[
"e",
"e6a5ca8a6babc600e784c63aaa532649fabb585c7f6119f1efd677d83c23e7cf",
"",
"root"
],
[
"e",
"334e925e96eed706c3dd5d73fd24682d5af850fc9cc55a6c8409a7dc8914327b",
"",
"reply"
],
[
"p",
"b7996c183e036df27802945b80bbdc8b0bf5971b6621a86bf3569c332117f07d"
],
[
"p",
"676ffea2ec31426a906d7795d7ebae2ba5e61f0b9fa815995b4a299dd085d510"
]
],
"content": "Same goes for the federal income tax, by the way. The Revenue Act of 1913 was passed by Congress and part of it established a one percent tax on income above $3k per year. Of course that wasn't adjusted for inflation so this morning I looked up what $3k in 1913 is in today's dollars. $95k. A 3000% decrease in purchasing power in 100 years. Federal income tax is basically zero for some of the lowest income brackets, but still, inflation just made everyone subject to what was once only applied to a specific income bracket. \n\nWill be interesting to see if there is enough support in congress to eliminate the income tax as Trump has proposed. ",
"sig": "62eab4047a78027f2eb93f449450815b4cb34be9bc09f60ad9a2f8ae1383ff65d4c938b283655741967c6b982647cd74cd1beeed6ef5f8388757900b7ef9f454"
}