Re: A taxing issue

Not for me to revolt , after all it is my choice of occupation



On Tue, 13 Apr 2010 14:19:18 -0500, "btorvik2" <btorvik2@xxxxxxx>
wrote:

Income Tax



The Income Tax: Then and Now

As the dreaded April 15 approaches, it's worth remembering that the income
tax, which is now mind-boggingly complex and afflicts vast numbers of
Americans, originally was extremely simple and was intended to tax only the
very wealthiest citizens.

There were only four pages in the original 1913 1040 form: a one-page 1040
form, two pages of worksheets, and one page of instructions.

Today, just the instructions for the 1040 runs... 175 pages.

You can see the original 4-page form here, courtesy of the Tax Foundation.

And what about tax rates? Economist Mark J. Perry of the free-market blog
Carpe Diem tells us:

"Individual income tax rates started at 1% in 1913, and the maximum marginal
income tax rate was only 6% on incomes above $500,000 ($11 million in
today's dollars). The personal exemption was $3,000 for individuals ($66,000
in today's dollars) and $4,000 for married couples ($87,500 in today's
dollars)..."

This means, of course, that almost no one in America was expected to have to
pay the federal income tax -- since the average income in 1913 was only
about $750.

How things have changed. Tax revolt, anyone?



bernie

Boondoggle 1,2,&3,LVCS 02,03,04
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Nov 19-21st, 2010
www.cet.com/~bobg
"humm..lot's of smoke, not much flavor.... "

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