[Top Rate 465% Higher]
16th Amendment – The gift that keeps on taking.
The income tax was considered by Homer S. Cummings, chairman of the Democratic National during Woodrow Wilson’s presidency, as one of the most notable achievements of the Democratic Party. This was made possible through the ratification of the 16th Amendment, passed on Feb. 3, 1913 – 100 years ago.
Following the 16th Amendment, the Revenue Act of 1913 was passed and signed into law on Oct. 3, 1913. And so, the income tax was made a permanent part of American culture.
In 1913, the highest income earners tax rate was 7 percent. That is dramatically different from today’s highest earners, especially after the latest increase in income taxes.