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by giantg2
1538 days ago
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It might not be that bad, depending on the simplicity of deductions and other structures. For example, 401k, IRA, 529, 403b, etc didn't exist. A lot of states and localities didn't have income taxes at that time either. If the deductions and overall tax code was simpler, then calculating the brackets would be easy - you're basically taking the percent times each bracket max until you get to your top bracket, then the amount in that bracket times that percent. My understanding is that most people could do their taxes just based on the instructions on the back of the form just because there weren't so many deductions, credits, and complicated securities/instruments. I couldn't find info on the deductions, but this was interesting. https://www.nbcnews.com/id/wbna29861648 |
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