From Today, a light hearted look at a popular subject of discussion. here are 100 quotes about why we hate, and love, the tax system
The modern income tax system has been called a lot of things, and now it also can officially be called a centenarian. Read 100 quotes about why we hate and love the tax system
The current tax system was formalized 100 years ago this month, when the 16th Amendment was ratified.
Before income taxes, the government was mainly getting its money from tariffs and sin taxes on things like alcohol and tobacco, said Joseph Thorndike, director of the Tax History Project at Tax Analysts.
Some argued that meant the middle and lower class were being disproportionately burdened by taxes, while the upper class wasn’t carrying enough of the burden.
“It was really a fairness tool. It was also a revenue tool,” Thorndike said. “Those same people who thought it would be fair thought it would raise a lot of money.”
It wasn’t the first time the country had ever had a federal income tax. Most notably, there had been one briefly during the Civil War, but it had been allowed to expire once the war ended, Thorndike said. After that, there were many attempts to clarify a federal income tax system, and the 16th Amendment aimed to do that.
The more things change, the more they stay the same. I appreciated #2, 30 and 35.