You may not be celebrating, but this year is the 100th birthday of federal income taxes. On Feb. 3, 1913, the 16th Amendment was ratified, giving Congress “the power to lay and collect taxes on incomes …” The Revenue Act of 1913, officially creating the first permanent federal income tax, was enacted later that year.
The initial two-page 1040 featured deductions for personal interest, federal excise tax, state and local taxes, casualty and theft losses, bad debts, business expenses and depreciation of business assets, with a top tax rate of 7%.
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