Yes, you read the title right… If you follow the blog regularly, you know that I’m a little bit obsessed with Elvis.
At any rate, this weekend, I *may or may not* have been listening to the all Elvis channel on the radio and heard that Saturday marked the date that Elvis received his discharge from the Army. Elvis entered the Army on March 24, 1958 after receiving his draft notice; he left active duty on March 5, 1960.
So what does any of that have to do with tax? Only this: it is estimated that the U.S. Treasury lost $500,000 in federal income taxes while Elvis was in the service. He entered the service in the middle of a very successful career (he actually got a brief deferral from service so that he could finish a movie) and the estimates are based on projections. In today’s dollars, that works out to be 3,810,086.51.
Kind of leaves you all shook up, huh? I’m sorry. I couldn’t help myself.
