The personal exemption in 1913 was $4,000 when the average Joe made about $800 a year.
Adjusted for inflation, that's $127,000 in July 2024.
No one paid any tax except rich people, and on up to $20,000 of income the rich paid 1% on the $16,000 difference in 1913.
Kamala Harris meanwhile wants to tax your ass into oblivion, so spare me the comparisons between her so-called budget proposals and Trump's.
Do you have gains only on paper in stocks?
She'll tax them.
That's what unrealized gains are.
The argument that this will apply only to the rich is a joke.
The income tax was to apply only to the rich, too.
Now look where we are: Paying through the teeth and $35 trillion in debt.
And she wants MORE.
