They say death and taxes are the only two certain things in life. Alas, this wasnt always the case. Well, at least for the income tax.
The History of Income Taxes
Our great nation came into existence in fits and starts. Following the revolt against the British, a federal government was elected and the fun began. This fun inevitably led to the situation where not everyone could agree on what the United States should stand for, much less what laws should be enacted. As a result, there was no federal income tax for nearly 100 years. Ah, the good ole days!
If there was no income tax during this period, you are probably wondering how the government functioned. It did so by collecting use and sales taxes. Taxes were charged on liquor, tobacco and imports to mention just a few. Many people in our modern society would like to return to just such a system.
Contrary to popular notions, the first income tax was not put into law in the early 1900s. In fact, the first President to institute an income tax was Abraham Lincoln. In 1861, President Lincoln and Congress passed an income tax law to assist with funding the Civil War with the south. When the war came to...
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