The History Of Income Tax

The History of​ Income Tax
They say death and taxes are the​ only two certain things in​ life .​
Alas,​ this wasn’t always the​ case .​
Well,​ at​ least for the​ income tax .​
The History of​ Income Taxes
Our great nation came into existence in​ fits and starts .​
Following the​ revolt against the​ British,​ a​ federal government was elected and the​ fun began .​
This fun inevitably led to​ the​ situation where not everyone could agree on​ what the​ United States should stand for,​ much less what laws should be enacted .​
As a​ result,​ there was no federal income tax for nearly 100 years .​
Ah,​ the​ good ole days!
If there was no income tax during this period,​ you​ are probably wondering how the​ government functioned .​
It did so by collecting use and sales taxes .​
Taxes were charged on​ liquor,​ tobacco and imports to​ mention just a​ few .​
Many people in​ our modern society would like to​ return to​ just such a​ system .​
Contrary to​ popular notions,​ the​ first income tax was not put into law in​ the​ early 1900’s .​
In fact,​ the​ first President to​ institute an​ income tax was Abraham Lincoln .​
In 1861,​ President Lincoln and Congress passed an​ income tax law to​ assist with funding the​ Civil War with the​ south .​
When the​ war came to​ an​ end,​ the​ tax was phased out .​
Imagine a​ tax being phased out now? That should bring a​ tear of​ laughter to​ your eye .​
The income tax as​ we know it​ was first instituted in​ 1913 .​
Congress passed a​ law establishing a​ graduated tax rate of​ one to​ seven percent on​ all income taxes .​
I​ can say honestly and truthfully that I​ would kill to​ pay one percent in​ taxes these days .​
Heck,​ I​ am willing to​ take on​ the​ burden of​ paying seven percent!
In establishing the​ income tax system,​ the​ Constitution was amended to​ add a​ 16th Amendment .​
This Amendment gave the​ federal government the​ right to​ collect taxes .​
The politicians primarily responsible for this were President Roosevelt and President Taft .​
I​ mention two Presidents because the​ bitter debate over the​ subject took some time to​ work out.
If you’re looking to​ blame a​ particular political party,​ Presidents Roosevelt and Taft were both Republicans .​
Of course,​ the​ Democrats haven’t exactly made much of​ an​ effort to​ repeal the​ tax,​ so both parties deserve a​ whack upside the​ head in​ my opinion .​
Nonetheless,​ this is​ how we came to​ be burdened by the​ income tax in​ the​ United States.
The History Of Income Tax The History Of Income Tax Reviewed by Henda Yesti on July 04, 2018 Rating: 5

No comments:

Powered by Blogger.