For the past 104 years, Americans have entered spring both to celebrate warm weather and curse paying taxes. This year as you wade through your 1040s and W-9s, here’s a list of 5 things to know about the income tax, compiled by Americans for Tax Reform:
- In 1913 the top marginal income tax bracket was 7% — today it is 39.6%.
- In 1913 the marginal income tax bracket range was 1% – 7%. Today the range is 10% – 39.6%.
- In 1913 there were 400 pages in the tax code. Today there are 74,608 pages in the code.
- In 1913 the family standard deduction was $98,425.45 in today’s dollars. The family standard deduction now is just $12,600.
- When the income tax started in 1913, only 358,000 Americans had to file a 1040. Today 148,606,578 Americans file 1040s.