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The US Tax Code is 100 Year Old

The federal income tax was signed into law on October 3, 1913. Some interesting facts about the 1913 code:

  • The basic income tax rate was 1%
  • The highest tax bracket (those making over $500,000) were taxed at 6%
  • All interest on personal debts and state taxes paid were deductible
  • The standard deduction for single filers was $3,000 and married filers was $4,000
  • Only about 1% of all households paid the tax
  • The 1040 form was three pages long and the instructions were 20 pages (Today‚Äôs instructions are 214 pages)
  • Five years later, at the end of World War I, the top rate soared to 77% on income over $1 million

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January 8, 2016

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