Imagine a time when houses were $125k and a typical family had incomes of $40k and $25k for the spouses. And they only paid about 10% income tax in that bracket.
Go back another 40 years and houses were $20k and the average salary was $15k, with less than 5% taken off in income tax.
If you're talking about 1951:
Average family income was estimated at $3,700 in 1951
The average home price in 1951 was approximately $7,354
Just about 2x income; MUCH MUCH better than today.
His parents only paid 125K when they bought it in 91 and now it's worth nearly 3 million. Who can keep up with that kind of inflation?
Imagine a time when houses were $125k and a typical family had incomes of $40k and $25k for the spouses. And they only paid about 10% income tax in that bracket.
Go back another 40 years and houses were $20k and the average salary was $15k, with less than 5% taken off in income tax.
If you're talking about 1951: Average family income was estimated at $3,700 in 1951 The average home price in 1951 was approximately $7,354 Just about 2x income; MUCH MUCH better than today.
Tax rates:
Tax Rate Over But Not Over
20.4% $0 $2,000
22.4% $2,000 $4,000
27.0% $4,000 $6,000
30.0% $6,000 $8,000
...
and it goes all the way up to 91%
I’m super curious where our economy will be after the FED and federal taxes are eliminated, and we revert back to a gold backed currency.
Prices, income rates, everything could drop like a rock to historic lows.