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He believes there shouldnt be any tax incentives and also raised questions about howincome taxesbecame the model.
An Xpostfrom Musk indicates that DOGE has saved $51.8 billion in taxpayer dollars.
Heres how we went from 2% of households paying income taxes to most middle-class families.
Also here are top tax breaks middle-class families should take advantage of.
This tax was enforced from 1861 to 1872.
That year, the legislative branch ratified the 16th amendment, which allowed Congress to levy income taxes.
Income taxes came as a part of The Revenue Act of 1913, which also reduced tariffs.
Initially, only 2% of households filed income taxes.
Thestarting tax ratewas 1% on income above $3,000 in 1913 money.
After the war, the United States adjusted tax rates in 1925 to ensure that fewer people paid taxes.
In most of the 30s, fewer than 20% of households paid income taxes.
The stakes were high and America was focused on taking down the Axis powers.
That included the tax exemption dropping to only $500 in 1942 ($9,860 in todays money).
This was the beginning of anoppressive tax system.
Theoriginal income taxwas more generous.
However, the history of the United States paints a different picture.
An emphasis on tariffs instead of an income tax can also bring the country back tolower income tax rates.
A consumption tax hits everyone equally instead of a few people having to pay more than others.
While the current tax code looks like it taxes the rich the hardest, thats hardly the case.
He was worth $18 billion at the time.
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