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March 8th -
Fun Facts About Names Day
Girls Write Now Day
International (Working) Women's Day
UN Day for Women's Rights and International Peace (WHAT? Just one day?)
And listen up Americans . . . let's celebrate the Anniversary of the US Income Tax
Happy Income Tax Anniversary? This year we "celebrate" the ninety-seventh anniversary of the passage of the Sixteenth Amendment: "Congress shall have power to lay and collect taxes on incomes, from whatever source derived, without apportionment among the several States, and without regard to any census or enumeration.".
In its early years, the income tax had a modest reach. The original 1040 package of instructions and forms required only four pages. The personal exemption of $3,000 limited the tax collector's reach to only about 10 percent of the citizenry. A personal exemption of $3,000 in 1913 was equivalent to an exemption of $54,400 now.
When the tax finally took hold, its initial rate was only 1 percent, reaching merely 7 percent at the top. That top, moreover, required taxable income to exceed $500,000, which is equivalent to more than $9 million today.
My, how times have changed!!!
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