Tax Day
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High Quality Content by WIKIPEDIA articles! Federal income tax was introduced with the Revenue Act of 1861 to help fund the Civil War. That Act stipulated that income tax "shall be due and payable on or before the thirtieth day of June". There is an unsubstantiated claim that the first income tax was paid only by the very wealthy, and they tended to spend their summers vacationing. The Commissioner of Internal Revenue is said to have argued, "The collection of taxes would be much easier if an earlier assessment was made, before they leave town." The case of Pollock v. Farmers' Loan & Trust Co.…mehr

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High Quality Content by WIKIPEDIA articles! Federal income tax was introduced with the Revenue Act of 1861 to help fund the Civil War. That Act stipulated that income tax "shall be due and payable on or before the thirtieth day of June". There is an unsubstantiated claim that the first income tax was paid only by the very wealthy, and they tended to spend their summers vacationing. The Commissioner of Internal Revenue is said to have argued, "The collection of taxes would be much easier if an earlier assessment was made, before they leave town." The case of Pollock v. Farmers' Loan & Trust Co. challenged the constitutionality of the Wilson-Gorman Tariff Act of 1894 which taxed incomes over $4,000 at the rate of two percent. The case was decided by the United States Supreme Court in 1895. The Supreme Court decided that the Act's unapportioned income taxes on interest, dividends, and rents were effectively direct taxes. The Act was therefore unconstitutional because it violated theConstitution's rule that direct taxes be apportioned.