Adam Smith: “So that family next April when they come in and have their tax return done, that family is going to get $500 off their…”

“So that family next April when they come in and have their tax return done, that family is going to get $500 off their taxes per child. What was the rate? You know, I had heard it but I cannot remember. What was the rate? In 1948 I do know it was 2 percent of the family income went to Federal tax. I know it is somewhere around a quarter now. Do you know what that is now?”