TAX TUNE UP 004: A Tax History Lesson from the Roaring ‘20s

Today our host, Ed Lyon, Chief Tax Strategist at Financial Gravity, gives us a history lesson on 1924. In that year Congress made several changes to tax rules, and, most notably, provided lots of gossip material when they published the names of top earning Americans.

Key Takeaways:

[:18] Every year the IRS gives us a peek inside the wallets of the highest earning 400 Americans.

[:47] Although they disclose lots of juicy facts, the IRS guards one set of facts very carefully.

[1:01] Who are the 400 highest earning Americans?

[1:42] In the Roaring ‘20s income tax wasn’t the big deal it is today.

[2:40] In 1924 Congress decided to shake things up.

[3:29] Who were the top earning Americans in 1924?

[5:30] Why on earth would Congress pass a law making federal income tax bills public?

[6:16] Most of yesterday’s fortunes have faded into history.

[6:28] The key to paying less, is planning. If you don’t have a plan, call us and get one. Find us at Financialgravity.com.