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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: orkrious who wrote (87437)10/9/2007 10:11:56 AM
From: Tommaso  Respond to of 110194
 
In 1935, a person could earn $800 a year and owe no income tax. That would be about like $12,000 now, which one person might be able to live on. It would save a lot of tax collecting and eliminate some claims for welfare if anyone could earn that amount of money tax free. Children could take all sorts of jobs and add to family income.



To: orkrious who wrote (87437)10/9/2007 10:47:35 AM
From: Tommaso  Respond to of 110194
 
From Wikipedia:

The tax in its present form which began around 1913 had a personal exemption amount of $3,000 (still over $57,000 in 2005 dollars), or $4,000 for married couples.


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