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The Interesting History of Income Tax
The Interesting History of Income Tax
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The Interesting History of Income Tax William J. Federer
"The only things certain are death and taxes" - Benjamin Franklin
Yet few know America's interesting history of Income Tax, such as:
*1787 - The U.S. Constitution prohibited a "direct" Federal tax
*1862 - "Revenue Tax" on incomes went into effect to finance the Union during the Civil War
*1895 - Supreme Court made Income Tax unconstitutional *Woodrow Wilson thought tariffs on imports caused wars, so he worked to replace them with an Income Tax.
*1913 - Income Tax was only a 1% tax on the top 1% richest people in America.
*1943 - Paycheck Withholding began as an emergency effort to get funds to finance WWII. John F. Kennedy - "Lower rates of taxation will stimulate economic activity and so raise the levels of personal and corporate income as to yield within a few years an increased flow of revenues to the Federal Government." (Annual Budget Message, Jan. 17, 1963) Thomas Jefferson - "It is an encouragement to proceed as we have begun in substituting economy for taxation" (2nd Annual Message, 1802) (176 pages, includes pictures)
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