Happy 100th Birthday - IRS
Also on December 23, of 1913 The Federal Reserve came into existance. Sooooo . . . in 1913 two of the worst vampire-squids ever establshed came into existence. We should wish all of our IRS employee's a happy birthday, and on December 23rd we can again celebrate a 100 year old birthday for the FED. John
Submitted by Tyler Durden on 02/03/2013 - 12:27
On February 3rd, 1913, one of the two most historic events in US history took place: the ratification of the 16th amendment, which established Congress' right to impose a Federal income tax on Americans, and overturned Article I, Section 9 of the US Constitution which explicitly prohibited a general income tax. The amendment was brief and to the point, and read as follows: "The Congress shall have power to lay and collect taxes on incomes, from whatever source derived, without apportionment among the several States, and without regard to any census or enumeration." And with that, the US Federal Income Tax was born and has been with us for precisely 100 years.
Re: Happy 100th Birthday - IRS
My understanding, is that in the debates leading to the passage of the income tax, it was assured that 'only the rich' would have to ever pay that tax, and that they considered including in the amendment, a cap of the maximum rate that the tax could be (If memory serves me right, I think it was 4 or 6%) but that was quickly voted down, because it was decided that a future Congress mitght see that as 'permission' to raise taxes all the way up to that ungodly level, whether it was prudent or not.
A lot sure has changed since then.