Tax Trivia: Tax Rates & Inflation
Update: We have a winner! It’s Karen! For the answer, see the comments!
Our next tax trivia question for the giveaway is:
The US income tax system was made permanent in 1913. How much taxable income would taxpayers filing a joint return have to report in today’s dollars to be subject to tax at the top rate in that year, assuming that the income thresholds were simply adjusted for inflation? I’ll accept the first answer within $1,000.
The first correct answer wins free CCH tax prep software. My answer on this is final.
Remember that you have to comment on the actual post, not on email, Twitter or Facebook, in order to win (though feel free to comment that way for fun). You can read the rules for the giveaway and more about the prizes here.
What’s your guess?
$10,835,202.02
$10,835,202
Damn, just missed it!
$ 10. (source http://www.taxfoundation.org/publications/show/151.html)
In France the rate was approx. 3% but with the WW1 theses rates have been increased.
Brgds
Sorry made a mistake on computation….
$500,000
In 1913, the top tax rate was 7% on incomes above $500,000 ($10 million 2007 dollars).
$500,001
$10,760,183.02
$10,835,223.69