Twenty20 | |
When the US federal income tax was first introduced in 1913, it was a lot simpler to file taxes. Individual federal income rates started at 1 percent in 1913, and the maximum marginal rate was only 7 percent on incomes above $500,000 (more than $12 million in today's dollars). In reality, very few Americans had to pay federal income tax since the average income in 1913 was only about $750. Nevertheless, the country still had schools, roads, colleges, a vast railroad system, and a military.
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