Kamala’s ‘unrealized gains’ tax marketed as one that only applies to the ‘ultra wealthy’

[SDwaters]

American Thinker

Rep. Cordell Hull introduced the first income tax law under the newly adopted Sixteenth Amendment. He proposed a graduated tax starting with a 1-percent rate for incomes between $4,000 and $20,000 increasing to a top rate of 3 percent for those earning $50,000 or more. 

As the average American earned less than $1,000 per year, (a sum which could shockingly provide for a family), this income tax only applied to the “ultra wealthy” of the time.

But now? Is that still the case? Or, is nearly every working American subject to a federal income tax? 

As always, it’s important to check the historical record for clues as to where policies might lead because chances are, it’s been done before, and with a little critical thought and attention, they (and their consequences) won’t be hard to find.