The History of Income Tax
Below is a MRR and PLR article in category Finance -> subcategory Taxes.
The History of Income Tax
Summary
They say the only certainties in life are death and taxes. However, income tax hasn't always been a part of that equation.The Evolution of Income Taxes
In the early years of the United States, following the revolt against British rule, a federal government was formed amidst much debate about what laws should govern the nation. For nearly 100 years, there was no federal income tax. Instead, the government funded itself through various use and sales taxes applied to goods like liquor, tobacco, and imports. Some people today wish for a return to such a system.
Contrary to popular belief, income tax laws did not first appear in the early 1900s. Abraham Lincoln was the pioneer, implementing an income tax in 1861 to fund the Civil War. Once the war ended, this tax was phased out?"something almost unheard of today.
The modern income tax system began in 1913 when Congress enacted a graduated tax rate ranging from one to seven percent. It's a humorous notion now, with many of us longing for such low rates.
The Constitution was amended to include the 16th Amendment, granting the federal government the right to collect income taxes. This change was primarily championed by Presidents Roosevelt and Taft, both Republicans, after lengthy debates.
If you're considering assigning blame to a political party, it’s worth noting that Roosevelt and Taft were both Republicans. However, Democrats haven't actively worked to repeal the tax either. Thus, both parties share responsibility for establishing the income tax system we have today.
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