Income Tax For Individuals
A Normal Tax and a Surtax were levied against the net income of individuals as shown in the following table.
| Revenue Act of 1918 Income Tax on Individuals 40 Stat. 1062 |
|||||
| Net Income (dollars) |
Normal Rate for 1918 (percent) |
Normal Rate for 1919, 1920 (percent) |
Surtax Rate (percent) |
Combined Rate for 1918 (percent) |
Combined Rate for 1919, 1920 (percent) |
| 0 | 6 | 4 | 0 | 6 | 4 |
| 4,000 | 12 | 8 | 0 | 12 | 8 |
| 5,000 | 12 | 8 | 1 | 13 | 9 |
| 6,000 | 12 | 8 | 2 | 14 | 10 |
| 8,000 | 12 | 8 | 3 | 15 | 11 |
| 10,000 | 12 | 8 | 4 | 16 | 12 |
| 12,000 | 12 | 8 | 5 | 17 | 13 |
| 14,000 | 12 | 8 | 6 | 18 | 14 |
| 16,000 | 12 | 8 | 7 | 19 | 15 |
| 18,000 | 12 | 8 | 8 | 20 | 16 |
| 20,000 | 12 | 8 | 9 | 21 | 17 |
| 22,000 | 12 | 8 | 10 | 22 | 18 |
| 24,000 | 12 | 8 | 11 | 23 | 19 |
| 26,000 | 12 | 8 | 12 | 24 | 20 |
| 28,000 | 12 | 8 | 13 | 25 | 21 |
| 30,000 | 12 | 8 | 14 | 26 | 22 |
| 32,000 | 12 | 8 | 15 | 27 | 23 |
| 34,000 | 12 | 8 | 16 | 28 | 24 |
| 36,000 | 12 | 8 | 17 | 29 | 25 |
| 38,000 | 12 | 8 | 18 | 30 | 26 |
| 40,000 | 12 | 8 | 19 | 31 | 27 |
| 42,000 | 12 | 8 | 20 | 32 | 28 |
| 44,000 | 12 | 8 | 21 | 33 | 29 |
| 46,000 | 12 | 8 | 22 | 34 | 30 |
| 48,000 | 12 | 8 | 23 | 35 | 31 |
| 50,000 | 12 | 8 | 24 | 36 | 32 |
| 52,000 | 12 | 8 | 25 | 37 | 33 |
| 54,000 | 12 | 8 | 26 | 38 | 34 |
| 56,000 | 12 | 8 | 27 | 39 | 35 |
| 58,000 | 12 | 8 | 28 | 40 | 36 |
| 60,000 | 12 | 8 | 29 | 41 | 37 |
| 62,000 | 12 | 8 | 30 | 42 | 38 |
| 64,000 | 12 | 8 | 31 | 43 | 39 |
| 66,000 | 12 | 8 | 32 | 44 | 40 |
| 68,000 | 12 | 8 | 33 | 45 | 41 |
| 70,000 | 12 | 8 | 34 | 46 | 42 |
| 72,000 | 12 | 8 | 35 | 47 | 43 |
| 74,000 | 12 | 8 | 36 | 48 | 44 |
| 76,000 | 12 | 8 | 37 | 49 | 45 |
| 78,000 | 12 | 8 | 38 | 50 | 46 |
| 80,000 | 12 | 8 | 39 | 51 | 47 |
| 82,000 | 12 | 8 | 40 | 52 | 48 |
| 84,000 | 12 | 8 | 41 | 53 | 49 |
| 86,000 | 12 | 8 | 42 | 54 | 50 |
| 88,000 | 12 | 8 | 43 | 55 | 51 |
| 90,000 | 12 | 8 | 44 | 56 | 52 |
| 92,000 | 12 | 8 | 45 | 57 | 53 |
| 94,000 | 12 | 8 | 46 | 58 | 54 |
| 96,000 | 12 | 8 | 47 | 59 | 55 |
| 98,000 | 12 | 8 | 48 | 60 | 56 |
| 100,000 | 12 | 8 | 52 | 64 | 60 |
| 150,000 | 12 | 8 | 56 | 68 | 64 |
| 200,000 | 12 | 8 | 60 | 72 | 68 |
| 300,000 | 12 | 8 | 63 | 75 | 71 |
| 500,000 | 12 | 8 | 64 | 76 | 72 |
| 1,000,000 | 12 | 8 | 65 | 77 | 73 |
- Exemption of $1,000 for single filers and $2,000 for married couples and head of family; $200 exemption for each dependent under 18.
Read more about this topic: Revenue Act Of 1918
Famous quotes containing the words income, tax and/or individuals:
“The secret of success lies never in the amount of money, but in the relation of income to outgo.”
—Ralph Waldo Emerson (1803–1882)
“What is the difference between a taxidermist and a tax collector? The taxidermist takes only your skin.”
—Mark Twain [Samuel Langhorne Clemens] (1835–1910)
“The white man regards the universe as a gigantic machine hurtling through time and space to its final destruction: individuals in it are but tiny organisms with private lives that lead to private deaths: personal power, success and fame are the absolute measures of values, the things to live for. This outlook on life divides the universe into a host of individual little entities which cannot help being in constant conflict thereby hastening the approach of the hour of their final destruction.”
—Policy statement, 1944, of the Youth League of the African National Congress. pt. 2, ch. 4, Fatima Meer, Higher than Hope (1988)