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Monday, February 4, 2013

February 3 was the 100th anniversary of the ratification of the Sixteenth Amendment, that is the income tax. Americans for Tax Reform commemorated the occasion by publishing a few fun facts about the income tax.



Today's Random Fact:

The initial top tax bracket was only 7 percent, and it didn't kick in until income reached a whopping $11.6 million in 2013 dollars. Only 358,000 people had to fill out 1040 forms at first, because the standard family deduction was an adjusted $93,000.

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Bonus Fact:

Over the past hundred years, the tax code has swelled from 400 pages to almost 74,000, and the top rate is now 39.6 percent. In it's first year the income tax brought in a paltry $16.6 billion, adjusted for the past century of inflation. Today that revenue equals $2.7 trillion.