Elk County Forum

General Category => The Good Old Days => Topic started by: W. Gray on February 28, 2016, 12:33:17 PM

Title: Federal Income Tax
Post by: W. Gray on February 28, 2016, 12:33:17 PM
While you folks are figuring your own Income Taxes, here is a synopsis of Harry S. Truman's Federal Return for 1935 that was due by March 15, 1936.

In response to a question about last year's return, he explains that he was not required to file that year.

The cutoff for not reporting income was $5,000.

He mentions in the return that his wife had no income.

He took office as a Senator on January 3, 1935 and based on his not filing the previous year, he seems to have at least doubled his income.

Today's Senators earn $174,000, which has been in effect since 2009.



(http://i941.photobucket.com/albums/ad256/waldoegray/Harry%20S%20Truman_zpsyxuei4hx.png)
Title: Re: Federal Income Tax
Post by: W. Gray on February 28, 2016, 07:31:43 PM
I got an idea and redid Harry's tax return with the Bureau of Labor CPI Inflation Calculator and came up with today's money in red.

The $174,000 today's Senators income seems to beat inflation by a small amount.

(http://i941.photobucket.com/albums/ad256/waldoegray/Truman%20Tax%20Return%20II_zpsx1oyomgg.png)