Thursday, November 03, 2011

This day in history - November 3, 1913: The United States introduces an income tax


The 16th Amendment to the Constitution made the income tax a permanent fixture of the U.S. tax system. The amendment gave Congress legal authority to tax income and resulted in a revenue law that taxed incomes of both individuals and corporations.

On November 3, 1913, the first American citizens received information about the new national income tax including the fact that a married man living with his wife, who is in receipt of an income of $5,000 pays $10 a year and if his income is $10,000 he pays $60 a year.

Not much to say about this. I'm surprised Republicans don't have plans to wear black arm bands on Capitol Hill. Maybe they do.

(Cross-posted at Lippmann's Ghost.)

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2 Comments:

  • I found this a day late. Thanks I hope we can celebrate the 100th anniversary with a new just and fair income tax code!

    By Anonymous Anonymous, at 11:29 AM  

  • Great point!

    By Blogger Richard K. Barry, at 4:51 PM  

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