Revenue Act of 1913
From Wikipedia
The United States Revenue Act of 1913 imposed the first federal income tax following the ratification of the Sixteenth Amendment and lowered basic tariff rates. It was signed into law by President Woodrow Wilson on October 3, 1913. The United States of America — also referred to as the United States, the U.S.A., the U.S., America, the States, or (archaically) Columbia—is a federal republic of 50 states located primarily in central North America (with the exception of two states: Alaska and Hawaii). ... Income tax is a direct tax which is levied on the income of private individuals. ... Amendment XVI (the Sixteenth Amendment) of the United States Constitution, authorizing income taxes in their present form, was ratified on February 3, 1913. ... The Underwood tariff of 1913 reduced the basic United States tariff rates to 28%, well below the Payne-Aldrich tariff of 1909. ... For the pop band, see Presidents of the United States of America. ... Dr. Thomas Woodrow Wilson (December 28, 1856 – February 3, 1924) was the 45th state Governor of New Jersey (1911-1913) and later the 28th President of the United States (1913-1921). ... 3rd October Organization is also the name of a Marxist terrorist group . ... 1913 is a common year starting on Wednesday. ...
Less than 1 percent of the population paid federal income tax at the time.
Tax brackets
| Income level | Tax rate |
|---|---|
| up to $20,000 | 1% |
| $20,000 - $50,000 | 2% |
| $50,000 - $75,000 | 3% |
| $75,000 - $100,000 | 4% |
| $100,000 - $250,000 | 5% |
| $250,000 - $500,000 | 6% |
| over $500,000 | 7% |
(Exemption of $3,000 for single filers and $4,000 for married couples.)
Inflation-adjusted numbers
Corrected for inflation (http://minneapolisfed.org/Research/data/us/calc/index.cfm) by CPI:
| 1913 dollars | 2005 dollars |
|---|---|
| $3,000 | $59,182 |
| $4,000 | $78,909 |
| $20,000 | $394,545 |
| $50,000 | $986,364 |
| $75,000 | $1,479,545 |
| $100,000 | $1,972,727 |
| $250,000 | $4,931,818 |
| $500,000 | $9,863,636 |
| Tax Acts of the United States | |
|---|---|
| 1861 | 1862 | 1894 | 1913 | 1916 | 1917 | 1918 | 1921 | 1924 | 1926 | 1928 | 1932 | 1940 | 1940 | 1941 | 1942 | 1943 | 1943 | 1944 | 1945 | 1948 | 1950 | 1950 | 1951 | 1954 | 1954 | 1962 | 1964 | 1968 | 1969 | 1971 | 1975 | 1976 | 1977 | 1978 | 1981 | 1982 | 1982 | 1983 | 1984 | 1986 | 1986 | 1990 | 1993 | 1997 | 2001 | 2002 | 2003 | This article is a brief overview of some aspects of US taxes. ... The Revenue Act of 1861 proposed that there shall be levied, collected, and paid, upon annual income of every person residing in the U.S. whether derived from any kind of property, or from any professional trade, employment, or vocation carried on in the United States or elsewhere, or from... The Wilson-Gorman tariff of 1894 slightly reduced the U.S. tariff rates from the numbers set in the 1890 McKinley tariff. ... The Revenue Act of 1932 raised United States tax rates across the board, with the rate on top incomes rising from 25 percent to 63 percent. ... The Kemp-Roth Tax Cut (officially the Economic Recovery Tax Act, or ERTA) of 1981 reduced marginal income tax in the United States rates by approximately 25% over three years (the top rate falling to 50% from 70% while the bottom rate dropped to 11% from 14%) and indexed them... The United States Tax Equity and Fiscal Responsibility Act of 1982 rescinded some of the effects of the huge Kemp-Roth Tax Cut passed the year before. ... The Consolidated Omnibus Budget Reconciliation Act is U.S federal legislation from 1986 which gives workers who lose their health care benefits the right to choose to continue group health benefits provided by their group health plan under certain circumstances. ... President Ronald Reagan signs the Tax Reform Act of 1986 on the South Lawn. ... The Omnibus Budget Reconciliation Act of 1993 (or OBRA-93) was passed by the 103rd United States Congress and signed into law by President Bill Clinton. ... The Taxpayer Relief Act of 1997 reduced several federal taxes in the United States. ... The Economic Growth and Tax Relief Reconciliation Act of 2001 was a sweeping piece of tax legislation in the United States. ... The Job Creation and Worker Assistance Act of 2002 increased carryback of net operating losses to 5 years (through September 2003), extended the exception under Subpart F for active financing income (through 2006), and created 30 percent expensing for certain capital asset purchases (through September 2004). ... The Jobs and Growth Tax Relief Reconciliation Act of 2003 was passed by the United States Congress on May 23, 2003 and signed by President Bush five days later. ... | |
