When it Comes to Tax Reform, “Keep it Simple”
25 November, 2012 | Tax Laws
The debate on tax reform in this country has been around as long as there have been income taxes. The very first time a federal income tax was imposed was on August 15, 1861 as part of the Revenue Act of 1861 in order to help pay for the Civil War. The first peacetime tax was imposed in 1894 when Congress passed the Wilson-Gorman Tariff which imposed a 2% tax on all incomes over $4000 per year (that equals $107,446 in 2011 dollars) which meant that less than 10% of all households would pay any t... CONTINUE READING
