Us Tax Origin Essay

Submitted By lulujusyte

Words: 328

Pages: 2

Open Document

The origins of income tax in America

According to the official Internal Revenue Service website, the income tax history originated in 1862 to cover Civil War expenses. The procedure was enforced for 10 years and later annulled by the congress as unconstitutional (www.irs.gov). During this interval, a 3% flat tax rate was applied to individuals whose annual income was over $800. In 1884, congress enacted a 2% tax over $4000 income as a part of high Tarrif Bill. However, the Supreme Court abolished this attempt. In 1909, the idea was evoked once again as a part of the bill. The bill's opponents proposed a constitutional amendment to this provision, hoping that it will never receive the approval (www.ourdocuments.gov). However, “In 1913 the Wyoming ratified the 16th Amendment, providing the three-quarter majority necessary to amend the constitution” (www.irs.gov). At first, the taxes started at 1%, but as soon as 1917 they were increased to 77% to cover World War I expenses. Eventually after the war the rate was lowered to 24% (www.ourdocuments.gov).
In addition, I found an intriguing implication made by former IRS commissioner T. Coleman Andrews in his 1956 US News and World Report interview. He implied a direct link between the income taxes and The Communist Manifesto (http://www.hearliberty.com/USNewsWR-19560525.pdf). And indeed, the second plank says: “A heavy progressive or graduated income tax.”
In conclusion, it is noticeable that US income taxes were embedded to

Questions On Rail Transportation

Asset turnover (sales/assets) 1/3 Price flexibility High Profit on equity ROE; RONW Profit generated with shareholders invested money 2% Class 1 railroads are Line haul freight railroads with operating revenue in excess of $346.8M The US class 1 railroads are: BNSF railway CSX transportation Grand truck corporation Ect. Motor Transportation Industry overview What they move: High-value manufactures, must transport relatively short distances (less than one day drive)…

Words 5777 - Pages 24

Manufacturing and Job Order Essay

decision making procedure let us look at the connection and differentiation between the two. The manufacturing costs of each process are identical. Both systems deal with tracking how manufacturing costs to include direct materials, direct labor, and overhead flow through work in process to finished goods and finally when the goods are sold, to cost of goods sold (Schneider, 2012, Ch. 4, Sec. 1). Customer service oriented businesses to include law firms and tax-preparing companies utilize job…

Words 400 - Pages 2

McDonald Obesity Essay

Xiaolei Du Mengxiao Zhang Yanru Zhou Zhongqin Zheng 17235345 17015980 17353671 17338677 Overview The Problem: Childhood obesity across the globe Roughly 30% of children are overweight or obese in the United States. According to the US CDC, an estimated 64.5% of the US population tips the scales as overweight or obese, the highest percentage of fat people of any country in the world. One quarter of Australian children were overweight or obese in 2007-08, up four percentage points from 1995. In Britain…

Words 892 - Pages 4

Montgomery: Retailing and Internet Sales Tax Essay

priority to be able to tax these transactions online. Until recently, if someone was interested in a product they could go into a store to try out the product to decide if they want it then go home and purchase the product off the Internet to avoid paying sales tax. States may impose sales and use taxes on Internet transactions, even when the seller is out of state. If the seller does not reside in the state of the purchaser then the seller is not forced to collect the tax or submit it to the state…

Words 2096 - Pages 9

The Name Of Ministry: Vista Missions Organization

Name of Ministry: Vista Missions organization History: The origin of Vista Missions started back in the book of Genesis, as God created humans to reflect the image of His own. Pursuing God’s calling, Abraham departed from his home to go to foreign land with the promise from God of flourishing and blessing new nation. Reflecting the life of Christ as Matthew 28 and Act 1:8, the organization, “GO” and forge for discipleship. Vista Missions were derived from Jerry Lehman's a Missionary Outreach…

Words 376 - Pages 2

EXAMINATION OF CUSTOM DUTIES ON IMPORTS Essay

Negotiations E) Tariff Concessions and Tariff Bindings F) Modification or Withdrawal of Tariff Concessions III. IMPLEMENTATION OF CUSTOMS DUTIES ON IMPORTS A) Proper Classification for Tariff Purposes B) Valuation for Customs Purposes C) Determination of Origin IV. CONCLUSION I. OVERVIEW Market access for goods and services from other countries may be restricted by many ways and methods; however barriers to market access can be divided into two main categories which are (1) tariff barriers…

Words 2588 - Pages 11

Nature and Causes of Global Money Laundering Essay

laundering and indeed tax evasion was established, in that money was hidden, moved and invested despite the fact that someone else had a claim. Since then the principles of money laundering have not changed, but the mechanisms have. AL CAPONE'S 1931 CONVICTION FOR TAX EVASION LEADS TO THE MODERN PRACTICE OF MONEY LAUNDERING The term "money laundering" is said to have evolved from the Prohibition era in the United States. Many methods were devised to disguise the origins of money generated by…

Words 8889 - Pages 36

Mgt 521 Business Analysis Part 1

assets. So you may invest only after analyzing the business and seeing a huge chance of success, acquiring expectation of profit. As investor, we must see their financial statements and prior years’ filings, buy all of these documents will not tell us anything, if we do not know what are their values and how the business or organization is making money. Business analysis will give all the answers to our questions before making decision to invest. By the help of SWOT analysis, we can evaluate the…

Words 1660 - Pages 7

German 59 Essay examples

German 59 Final Genocide- “killing of race” Armenian and herero annihilation. Coined by Lempkin in 1944 Endosung der Judenfrage: Final solution to the Jewish problem, euphemism Origins of anti-semitism * Religious: belief that Jews killed Christ and therefore are collectively guilty * Economic: Jews control the banks, hold “host nation” captive * Political: Jews are foreigners and not citizens * Racial: Mid 19th century, Jews are considered degenerate and inferior * Linguistic:…

Words 437 - Pages 2

Essay on global investor

provide some tax savings for GI because the New York tax rates were higher than those GI faced in any other tax jurisdiction. Alternative 3—Davis’ first proposal Jack Davis, the corporate Operations VP, rejected Hoskins’ method. He argued that to a large extent the subsidiaries were just following instructions from headquarters. And, further, many of the funds the subsidiaries were managing belonged to New York clients. He proposed instead to allocate revenues based on the origin of the clients…

Words 2383 - Pages 10