Hard to believe, but the 1040 form turns 100 years old today. Back then, the tax instructions were one large sheet. Today’s 1040, with instructions, totals 176 pages. And, only 7% of Americans paid any taxes.
Here’s how that looked:
-Only 1 percent on incomes between $20,000 and $50,000. (big incomes for their time, in today’s money, $50,000 is $1.1 million).
– The top bracket paid 6 percent (but that only applied to people who earned at least $11 million).
-Anyone who made less than $400,000 paid no income tax…
As they say, we’ve come a long way baby. And, it’s not to late if you thought about sending the IRS a Birthday message. Who knows, maybe you can find them on Facebook.
Just my thoughts,