One Hundred Years and Counting

The income tax return that you will file next spring represents the 100th anniversary of the federal income tax (the first year for filing was 1913).


Believe it or not 100 years ago you would have paid a tax of 1% on the first $20,000 of income and up to 6% on income over $500,000.


During WWII rates rose as high as 94%. From 1965 to 1980 the maximum rate was 70% - with intermittent surcharges for the Vietnam War.


Learn more about it here.