Sunday, February 3, 2013

It is the 100th Year Anniversary of the Income Tax (or passing of the 16th ammendment). In that time a married couple earning $4,000 (which adjusted for inflation is roughly $92,000) had only an effective rate of 1% tax to worry about. Nowadays it would be roughly 25%. This is probably the most successful ammendment to the constitution - check out the first Form 1040 based on the 16th ammendment right here: http://www.irs.gov/pub/irs-prior/f1040--1913.pdf --- And don't forget to celebrate!