Tonight’s The Night – Income Tax Deadline
If you have waited until today to file your income tax, the deadline arrives at midnight, tonight. Let's face it, if you know you owe money, you wait till the last minute, but if the government owes you, you can't wait to file!
" While Abraham Lincoln was President, an act of Congress in 1862 imposed the first federal income tax on the U.S. to finance the Civil War. It provided a 3% tax for people making $800 to $10,000 dollars year. 5%, for those that made over $10,000 a year.
Income Tax Trivia:
1862: The newly created Bureau of Internal Revenue collects taxes to finance the Civil War.
1913: The Constitution is amended to allow Congress to collect income taxes.
1934: Treasury goes after its former chief, Andrew Mellon, after learning he had asked the BIR for a memo on "the various ways in which an individual may legally avoid tax" and then used five of the ten methods on his personal return.
1942: FDR declares, "In this time of war, no American citizen ought to have a net income, after he has paid his taxes, of more than $25,000."
1981: Congress cuts the top tax rate from 70 percent to 28 percent, the largest cut in U.S. history. The following year it passes the largest peacetime tax hike in U.S. history.
1986: The IRS begins requiring tax-payers to give Social Security numbers for dependents listed as deductions. The next year, 7 million "children" disappear."