Tax

They say death and taxes are the only two certain things in life. Alas, this wasn’t always the case. Well, at least for the income tax.

The History of Income Taxes

Our great nation came into existence in fits and starts. Following the revolt against the British, a federal government was elected and the fun began. This “fun” inevitably led to the situation where not everyone could agree on what the United States should stand for, much less what laws should be enacted. As a result, there was no federal income tax for nearly 100 years. Ah, the good ole days!

Income tax is a charge on one’s income that is paid to the government. Most countries around the world today are governed by democratically elected governments. These governments need revenue to finance the costs that they incur to run their countries. A large part of this revenue comes from collecting income tax.