Tax Day (Taxes Due) History
Tax Day marks the last day to file income taxes in the United States. The history of US Income Tax dates all the way back to the Civil War and the Revenue Act of 1861. This tax was imposed to help pay the costs of the war. After several repeals, new taxes, and subsequent repeals, the 16th Amendment to the U S Constitution was ratified and went into law in 1913. Changes have been made throughout the years, but the Income Tax still remains in some form as a way to finance the US Government. To ensure that all monies due the government are paid, a Tax Day was created. All US taxpayers are required to file and accounting of the previous years earnings by April 15th each year. If this day falls on a weekend, the due date is extended to the following Monday.
Tax Day (Taxes Due) Facts & Quotes
- In 1913, the original US income tax rates were 1% for incomes over $3,000; 6% for incomes over $500,000.
- During World War I, around 1918, the highest income tax rate was over 77%.
- The Federalist Paper, 85 essays written by men such as Alexander Hamilton, John Jay, and James Madison, were written to encourage the acceptance of the US Constitution. These essays supported federal taxation and discussed "direct" vs. "indirect" taxes in detail.
- The power of taxing people and their property is essential to the very existence of government. - James Madison, U.S. President
- A tax loophole is something that benefits the other guy. If it benefits you, it is tax reform. - Russell B. Long, U.S. Senator
Tax Day (Taxes Due) Top Events and Things to Do
- Mail your Tax Return before midnight.
- File for an extension before midnight, if needed.
- Visit Office Depot and shred your old documents for Free.
- Take advantage of Tax Day Freebies at local restaurants.