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May 27, 2008

Original Sin:
1913 Style

Good Morning Gentle Readers,

The first year the federales taxed personal incomes was 1913. A married couple paid ZERO income tax until the net taxable income exceeded $84,920.00 (inflation adjusted).

For taxable incomes between $84,920 and $424,601.00 (inflation adjusted) the tax rate was ONE PERCENT. That's $4,246.00 on an income of four hundred grand and change.

Tax Freedom Day was January 30 not April 23.

Original four page tax 1913 return here.

Kind of helps put our three trillion dollar federal budget and the trillion dollar war into perspective. Eh?

Have a nice afternoon. Don't spend your Stimulus Payment all in one bar.

As Always,

TWC

TWC 🍷

Photo Credit (unless otherwise noted): ©TWC, all rights reserved

Posted by on May 27, 2008 at 12:03 PM in Tax Information |

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