Interesting History Of Income Tax

“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 *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, January 17, 1963) Thomas Jefferson-“It is an encouragement to proceed as we have begun in substituting economy for taxation” (2nd Annual Message, 1802)