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Look at this form 1040 in the video. Americans know that's the form we all fill out to file our income taxes. But this one looks different. Why? Well, because it's an antique. Sunday was the 100th anniversary of the 16th Amendment, which gave Congress the right to levy a federal personal income tax. And this was the first form for filers. When the filing deadline was March 1 instead of April 15 and the top tax rate was 6 percent on incomes over half a million dollars.
Now, the original tax act, the piece of legislation, was just 15 pages long. Today, the tax code has grown just a bit – to more than 73,000 pages with all of the rulings and regulations. Now, we can't get rates back to the 1913 levels, but can't we try to get back to something simple, straight forward and honest that would, once again, fit on 15 pages?