Dec 4, 2014 Posted by AGA Editor

Give an Inch and They’ll Take a Mile

Ever wonder why you pay so much in taxes? Because once you give politicians an inch—it’s only a matter of time before they’ll take a mile.

You’ll recall that when the federal income tax was introduced in the US in 1913, those making up to $20,000 (equivalent to around $475,000 today) were only taxed at 1% — that’s ONE PERCENT.

The top bracket kicked in at $500,000 (equivalent to around $12 million today), and the tax rate for it was only 7%.

Of course, once the principle was conceded in 1913, the politicians naturally couldn’t resist ramping it up until we have the monstrosity that exists today in the US tax code, which most Americans passively accept as “normal.”

The reality is that you work over 6 months of the year just to pay some sort of taxes. This includes wages, property, food and clothing, license and tabs, phone, cable, ect. Take a look at your effective tax. We think you’re in for a shock.

Are you awake Yet?