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Fall 2009

ISSN 0890-913X

Volume 25, Number 1

Categories: Politics | Fall 2009

Income Tax Rates from 1913 to 2006

W. William Woolsey, The Citadel

Sheila D. Foster, The Citadel

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TheJournalofPrivateEnterprise25(1),2009,141-150IncomeTaxRatesfrom1913to2006W.WilliamWoolseyTheCitadelSheilaD.Foster*TheCitadelAbstractSincebeingenactedin1913,thetaxcodeconstantlyhasbeenchangingwithratesonpersonalincomerangingfromlessthan5percenttomorethan90percentovertheyears.Thispaperhighlightsthesechangesbyexaminingperiodsofhistorichighandlowratesfortaxpayerswithvaryinglevelsofincome.Thispaperlooksatthemarginalandaverageincometaxratesthatwouldhavebeenfacedbytypicalhouseholdsoftodayusingtaxratesfrom1913to2006.Representativelevelsofgrossincomeareadjustedforaveragelevelsofdeductionsandexemptionstoobtaintypicallevelsoftaxableincomefor2006.AfteradjustingforinflationusingtheCPI,thetaxtablesformarriedcouplesfilingjointlyareappliedforeachyearfrom1913to2006.Theresultsarepresentedingraphsforrepresentativelevelsofgrossincome–today’smedianincome,the95thpercentile,minimumwage,and$2,600,000.JELCode:H24Keywords:Incometaxation;Historictaxrates;Progressiveincometax“Inthisworldnothingcanbesaidtobecertain,exceptdeathandtaxes."-BenjaminFranklin(1789)Althoughalmosteveryonebelievestaxesareinevitable,manypeoplemissthefactthattheamountoftaxespaidandcollectedhasvariedwidelyovertime.Withinthepast100years,taxeshaverangedfromlessthan5percenttomorethan90percentofincome.Thepurposeofthisarticleistoputchangesintheincometaxratesoverthepastcenturyintoperspectiveandtohighlightthefactthat,evenif*Theauthorswishtothanktheeditorandtwoanonymousrefereesforhelpfulsuggestions.141

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Metadata [hide]

Title	Income Tax Rates from 1913 to 2006
Authors/Creators:	W. William Woolsey, The Citadel Sheila D. Foster, The Citadel
Year:	2009
Volume:	25
Number:	1
Pages:	141 - 150
Publisher:	The Association of Private Enterprise Education
ISSN:	0890-913X
Document Type:	Articles
Keywords:	Government Policy, Income taxation, Historic tax rates, Progressive income tax

Citation:
Woolsey, W. William; Foster, Sheila D. / 2009. "Income Tax Rates from 1913 to 2006." The Journal of Private Enterprise, 25(1): 141-150.