Senator Mike Braun

@SenatorBraun ↗

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Last Checked Dec. 6, 2021

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Tue Nov 02 18:35:50 +0000 2021

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Senator Mike Braun @SenatorBraun

In 1913, the first federal income tax imposed a 1% tax on incomes above $3,000 ($83,000 in 2021 $), with a 6% tax on the highest bracket at $500,000 (~$14,000,000 in 2021 $). Democrats at the time argued that this would only affect the rich. — PolitiTweet.org

Posted Nov. 2, 2021

Preceded By

Senator Mike Braun @SenatorBraun

Despite record high government revenues in 2019 and 2020 (18.1% of GDP for FY22, which is higher than the 50 year average), Democrats still want to find more revenue to waste at the federal level. Though they are saying this will only affect “the rich,” we’ve heard that before. — PolitiTweet.org

Posted Nov. 2, 2021

Followed By

Senator Mike Braun @SenatorBraun

It didn’t take long to start raising the rates on the lower income brackets. By 1916, the rates were 2% for the bottom bracket (those making less than $500,000 in 2021 $) and 25% for the top. Now, the lowest tax rate is 10 times higher than it originally was. — PolitiTweet.org

Posted Nov. 2, 2021