History of Taxes in the US and the Fiscal Cliff

Now that President Obama has been elected and the campaigning has ended, the President will have to find solution regarding the upcoming fiscal cliff.

The President will have to chose between different measures to reduce the budget and the deficit. One of them will be to change the taxes on incomes, capital gains, dividends, or corporations. Raising income taxes is always unpopular and the debates in the Congress will be heated. The following infographic, created by Turbo Tax, gives us an overview of how incomes taxes evolved over the years and that our ancestors were in a much worse situation.

History of Taxes in the US
Credit: http://turbotax.intuit.com/