Charts of Tax vs Minimum Wage ?
Submitted by drolsinatas on Sun, 04/12/2009 - 04:06
Does anybody know of a good website that displays all the tax rates over the years??
I want to know what the income tax, sales tax, property tax etc. was in 1970 vs. today.
I'm curious to compare what financial life was like in the 70's vs. today.
I already did the minimum wage vs average price of a car comparison.
In 1970 the average amount of hours you would have needed to work (at minimum wage) to buy a new car would have been 2689 hours.
Today, you would need to work 3750 to buy that same new car. This doesn't take into account the tax rate however.
I want info!!
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Good
A worthy thing to pursue.
But keep in mind that the price escalation that we have suffered over the last forty years of inflation have not been evenly spread through the economy. So be sure and look at things into which the government has been pumping inflated money. For example, education, medical care, housing, books, and food. And include costs that most people didn't have and didn't need - like health insurance. You might also want to look at the cost of liability insurance - not so much because of inflation but because tort law has been turned into system of graft to benefit lawyers.
Historical tax tables
I just did a quick search for "historical tax rates" and the third result was
http://www.taxfoundation.org/taxdata/show/151.html
You'd have to know the starndard deductions to figure out the tax. For other income groups you would need to adjust for changes in what was deductible at the time.
Why minimum wage comparisons?
Obviously, libertarians are no fans of price controls like the minimum wage.
http://brits4ronpaul.blogspot.com/
http://lpuk.blogspot.com/
http://northwestlibertarians.blogspot.com/