Tax Day! 100 Years of Form 1040:
Income Tax Form, 1913. Record Group 56, General Records of the Department of the Treasury
Ratified 100 years ago on February 3, 1913, the 16th Amendment established Congress’s right to impose a Federal income tax. In 1913, due to exemptions and deductions, less than 1 percent of the population paid income taxes. Tax rates began at 1 percent and rose to 6 percent on income over $500,000.
The first Internal Revenue Bureau Form 1040, as provided by Public Law 63-16, was approved October 3, 1913.
The 16th Amendment and the first Internal Revenue Bureau Form 1040, will be on display from April 1 to April 30 at the National Archives in Washington, DC.
(Did April 15th come too soon? Be thankful it’s not still March 15th!)