Went through my files and threw out a lot of old paperwork. Mostly old tax papers. I did not write it all down but this is the gist of how it went.
1963 was kind of interesting. If I remember correctly, country was still paying off WW2 and Korea.
I earned about $6000.00. Was buying a 4 bedroom new house, a used car and my wife did not work. She was busy raising the 3 kids.
I deducted $600. each for the 5 dependents I claimed leaving my income as $3000.00.
I deducted the interest on the house, the interest on the car and interest on payments I was making on any loan such as refrigerator or storm windows or furniture.
I deducted a small percent of my income as sales taxes paid throughout the year.
I paid tax on the remaining income. It was low.
My social security payments ended in mid November and we saved the extra money for Xmas.
Now when my kids tell me the tax bite they pay each year, I cringe at the price.
What would your taxes look like at the same percents of deductions ?
