Social Sciences
5 years ago

1963 vs 2013 Tax Systems: How IRS Changes Impact Your Wallet

Journal of business and behavioral sciences
A Comparison of the U.S. Tax Systems in 1963 and 2013
Darwin L. King, Carl J. Case, Molly J. Curry

Paper Summary

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The article compares the U.S. tax systems in 1963 and 2013. It looks at income inclusions and exclusions, tax credits, filing requirements, tax rates, deductions, and exemptions in both years. The researchers analyzed Form 1040 from 1963 and 2013, finding new deductions like educator expenses and health savings accounts in the 2013 version. In 1963, itemized deductions included charitable contributions and medical expenses, while in 2013, some of these were classified as deductions for Adjusted Gross Income.