The difference in the value of the money from then to now— that is what is being stated. That is to say- inflation since 1913 has changed the valuation of money earned (net income) as well as the value of the tax that must be paid on it.
Of course there has never again been a 1% tax on any net income since 1913. 100$ paid against the net income allowed vs 30K a year income in 1913.... is increased to 2515.06 on what would be income of $754,518.18 if it was the income of today, assuredly NOT taxed at 1%, that is for certain. It is an illustration of the absurd inflation (deflation in what money can buy) which has developed- involving the actual income tax system put in place and all the changes to it since that time.
For example, do any here know that Income Withholding was supposed to STOP after the end of WWII (which instituted it)? Congress NEVER did rescind the withholding— they continue to get the money up front from employers and businesses. No one directly feels this- except employers- and the stupid public thinks it’s great to get a “refund”.
Good questions jeffersondem. Jefferson would have certainly raised hell about this- much as he tried against Hamilton’s National Bank run by stockjobbers holding farmers for ransom in the money marketplace. The middlemen rule... they think.
Until they're NO LONGER ALLOWED to rule.
That day WILL SOON COME!
True. I think we might actually see some change if everyone had to write a check for the full amount actually owed every year.