Tax Time

income-tax.jpgThe biggest To-Do on my list right now?  My taxes.  I can’t believe I’ve procrastinated again!  I have all the paperwork together so it’s just a matter of sitting down and entering it all into my tax software.

The first income taxes in the U.S were imposed with the Revenue Act of 1861 to help pay for the Civil War.  That was a flat 3% tax on all incomes over $800 and was rescinded in 1872.

The 16th Amendment to the U.S Constitution was ratified in 1913 cleared the way to the federal tax system we know today.  The 16th Amendment states:

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.

You can read a full history of taxation in the U.S. on Wikipedia – and now that we know the history of our income taxes, I better get to work!

Do you have your taxes filed or are you a procrastinator too?  Let me know in the comments!