Has anyone seen an analysis of the history of income tax rates and deductions?
1 - Minimum income requirements for filing a return;
When I joined the Navy as an enlistedman in the early sixties, I remember not being required to file an income tax report, as my military income was below the minimums. Yet, when my kids had part time jobs as movie ushers, during High School, they had income withheld and were required to file. If we were to adjust the income minimums for filing to account for inflationan to match the level of the early sixties, what would it be today?
2 - Deductions
I also remember being able to deduct medical, charity donations, even credit card interest, without having to meet a minimum percentage of my income. I seem to remember that the entire value was deductable. When did that change?
My believe that these two changes greatly harmed the lower income people in this country, while giving the higher income people a free ride. (Until I was finally able to purchase a house and purchase a house and get myself a mortgage, to kick me over the minimums, I always ended up filing a short form with standard deductions.)
Can anyone give me ammo to show that I am remembering things correctly or to show me where I am wrong?
1 - Minimum income requirements for filing a return;
When I joined the Navy as an enlistedman in the early sixties, I remember not being required to file an income tax report, as my military income was below the minimums. Yet, when my kids had part time jobs as movie ushers, during High School, they had income withheld and were required to file. If we were to adjust the income minimums for filing to account for inflationan to match the level of the early sixties, what would it be today?
2 - Deductions
I also remember being able to deduct medical, charity donations, even credit card interest, without having to meet a minimum percentage of my income. I seem to remember that the entire value was deductable. When did that change?
My believe that these two changes greatly harmed the lower income people in this country, while giving the higher income people a free ride. (Until I was finally able to purchase a house and purchase a house and get myself a mortgage, to kick me over the minimums, I always ended up filing a short form with standard deductions.)
Can anyone give me ammo to show that I am remembering things correctly or to show me where I am wrong?
