As Americans finish yet another tax filing season, let’s take a look at the 104-year history of the income tax:
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.