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 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 US Constitution was ratified and went into law in 1913. This established the right of Congress to impose a Federal Income tax.
The Income Tax remains the primary way that the US Government finances itself. To ensure that all monies due for the prior year are paid, a Tax Day was created. All US taxpayers are required to file taxes based on prior years earnings by this date. Traditionally this date has been on April 15 of each year. If this day falls on a weekend, the due date is extended to the following Monday. This date is also impacted by the Emancipation Day Holiday in Washington DC.
Facts about Tax Day (Taxes Due)
- The date of Monday April 18, 2016 represents the filing deadline to submit 2015 tax returns. In Maine and Massachusetts the deadline is Tuesday, April 19, 2016 due to local Patriots Day Observance.
- 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 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
- If you haven't mailed your taxes yet, be sure to 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.
- Watch a movie that deals with taxes and the consequences of unpaid taxes. Our picks: Stranger Than Fiction (2006), Catch Me If You Can (2012), The Firm (1993), The Mating Game (1959)