"Things You Wouldn't Know If We Didn't Blog Intermittently."
16 April 2008
The first 1040 form
With the annual ordeal of filing income taxes behind us, it seems appropriate to post here the first 1040 form - from 1913. The instructions indicate that if one's income after exemptions exceeded $20,000, the tax was 1%. Using an inflation calculator based on the Consumer Price Index, that $20,000 income in 1913 would be equivalent to an income of $420,000 in 2006. Below that income level - no income tax due. How things have changed.