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.
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