Happy Tax Day on Super Bowl Sunday

It's not April 15th (yet), but Sunday, February 3, 2013, marks the 100th anniversary of the ratification of the 16th Amendment, which gave Congress the power to collect income taxes.

A Bloomberg analysis suggests that if the U.S. had the same income tax rates as when the tax was launched in 1913, 86% of U.S. households would be exempt from paying it. The 100-year-old income tax rate would start applying for people making about $70,000, but only at a rate of 1%, with the highest rate topping out at 7%. Those rates would raise about $45 billion per year – enough to fund the government for about four days.