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Raise the "individual income tax" reporting "threshold" (2011-1040 Instr., p8) to $650,000, in keeping with inflation.

Created by C.H. on December 27, 2012

The avg. annual per capita "earnings" in 1909 (= during ratification of the 16A/"income tax") was $345, and the reporting "threshold" was $5,000.

2011's avg. annual per capita "earnings" was $45,000, with the threshold being about $10,000.

Today's "threshold" is far below the inflation-adjusted value that it should be. Let's do the simple math to see how low it really is:

$5,000/$345=14.5

$45,000/$10,000=4.5 (!)

$45k*14.5=$652,500

The result is to effect Congresional intent for 16A:

Shift the tax burden from off the working class and onto the rich.

Since this will result in Americans spending more money, we need to return to gold and silver currency to keep the "dollar" from crashing", .

Data and facts taken from the 44th Congressional Record ratification debates.

Budget & Taxes
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