Read It And Weep

 

Birthdays come and go, but here is one you won't want to miss: October 31. On that date in 1913, the 16th Amendment to the Constitution became the law of the land -- which means that the federal income tax is now 70 years old.

Of course, the original Form 1040 (shown above) was a bit different from the one we all know and love. Note especially the tax rates given. Back then, the minimum taxable income had to exceed $29,636 for single persons, and $39,515 for married couples. In fact, only about 1% of the population paid any income tax at all.

So happy birthday, 1040. My, how you have grown.