The 16th Amendment: How the U.S. Federal Income Tax Became D.C.'s Favorite Political Weapon

Ammo.com ^ | 12/27/2021 | Jose Nino

[ammodotcom]

The poorer you can make your citizens, the greater their need for your governance becomes.

[zeugma]

# Well keep in mind, the Income Tax could never have been ratified without a “stick it to the Rich” attitude in the legislators. People weren’t smart enough to realize it would come back to bite them.

Absolutely true. It was the nose under the tent.

# $20,000 was equal to about 1.8 million dollars at today’s bullion prices, in terms of the confetti-bucks.

I discuss this a bit on that page I referenced, at least in terms of inflation. $20k was a LOT of money in 1913.

I agree that gold is a better reference.

Since a 1913 $20 gold piece was .9675 ounces of gold, that means that $20k would buy you 967.5 ounces of gold. Multiply that by $1814.10, which is the current price of gold per ounce, and that equals 1,755,141.75 today.