Tax returns are due today: April 15, 2013. To make note of this day and provide a glimpse as to how federal taxes started exactly 100 years ago, I've attached page 1 of form 1040 from 1913 below. Top Tax Rate was 7% in 1913 The tax rate for the vast majority of people, after the standard deduction of $3,000 and up to $20,000 annual income, was 1%. There was another 1% (2% top rate) on income over $20k up to $50k, 3% on income of $50k to $75k. The top rate on income over $500,000 was 7%.
1913 Income Tax Starts at 1%
1913 Income Tax Starts at 1%
1913 Income Tax Starts at 1%
Tax returns are due today: April 15, 2013. To make note of this day and provide a glimpse as to how federal taxes started exactly 100 years ago, I've attached page 1 of form 1040 from 1913 below. Top Tax Rate was 7% in 1913 The tax rate for the vast majority of people, after the standard deduction of $3,000 and up to $20,000 annual income, was 1%. There was another 1% (2% top rate) on income over $20k up to $50k, 3% on income of $50k to $75k. The top rate on income over $500,000 was 7%.