The Interesting History of Income Tax
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By 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 U.S. Constitution prohibited a "direct" Federal tax (Article 1, Section 9.4)
*1862 "Revenue Tax" on incomes went into effect to finance the Union during the Civil War
*1895 Supreme Court decided Income Tax was unconstitutional (Pollock v. Farmer's loan)
*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)
Did our founders really intend to set up a government that would have to match up a billion 1099's with over a hundred million Form 1040's each year?
- 176 pages, illustrations
- 8.54 x 5.6 (inches)