The first Federal inheritance tax was passed in 1898. Corporate taxes were written into law in 1909. And in 1913, the Sixteenth Amendment was ratified, paving the way for federal income taxes as we know them today. Ironically, that first attempt at taxing income from wages, property, and investments was the byproduct of a fierce debate on tariffs. Politicians of the day wanted to reduce tariffs and abandon the nation’s protectionist policies. Income taxes were seen as a way to offset lost federal revenues. Over a century later, we are still arguing over these same issues. But whatever transpires on… Read More
The first Federal inheritance tax was passed in 1898. Corporate taxes were written into law in 1909. And in 1913, the Sixteenth Amendment was ratified, paving the way for federal income taxes as we know them today. Ironically, that first attempt at taxing income from wages, property, and investments was the byproduct of a fierce debate on tariffs. Politicians of the day wanted to reduce tariffs and abandon the nation’s protectionist policies. Income taxes were seen as a way to offset lost federal revenues. Over a century later, we are still arguing over these same issues. But whatever transpires on Capitol Hill, one thing is for sure: income taxes are here to stay. —Recommended Link— “Banks want a hit of the marijuana business” — how you could profit (15x potential) If there’s anything we learned from 2008: Big Banks get what they want. But it’s not all bruises & bailouts this time… because their rumbling appetite for a slice of the pot pie — is putting HUGE pressure on a trillion-dollar reservoir of cash… Washington Post reports “banks want a hit of the marijuana business”… Energy & Capital says “Big Banks Want in… Read More