01 Jul 1997 Don’t Let Them Tell You Taxes Haven’t Gone Up
Don’t Let Them Tell You Taxes Haven’t Gone Up
Today, the average family of four sends 24% of its annual income to the federal government.
In 1948, that number was only 2%.
Why? A key reason is that in 1948, the personal tax exemption, which permits taxpayers to deduct dependents, was $600 in 1948, equal to 42.1% of Americans’ personal income. If that number was adjusted for 1997’s personal income levels, that $600 exemption would be worth over $9,000 today. But instead it is worth less than $2,500, an amount equal to less than 12% of Americans’ per capita income.
Don’t let anyone tell you taxes haven’t gone up.
Source: Family Research Council April 1997 In Focus Report