04/04/2014

One Hundred Years of the Federal Income Tax

by

It was 100 years ago this year that the first Form 1040 was Sixteenth Amendmentsent out to taxpayers as ratification of the Sixteenth Amendment to the US Constitution made it possible for the federal government to tax personal incomes.

The new tax started at 1% on personal incomes of more than $3,000 (over $71,000 in today’s dollars) for single filers or $4,000 for couples and included a surtax of 6% on incomes over $500,000. Read more “One Hundred Years of the Federal Income Tax”