Since 1950, individual income taxes have been the primary
source of revenue for the U.S. federal government. Along with payroll taxes, income taxes amount
to about four-fifths of all federal revenue and are the essential fuel on which
our government runs. Don’t you feel
better already?
The history of income taxes in the United States goes back
to the Civil War when Abe Lincoln signed into law the nation’s first-ever tax
on personal income to help pay for the Union war effort. Eventually, in 1909 Congress passed the 16th
amendment which allowed the federal government to tax individual personal
income.
I just wanted you to know a bit of the history of American
taxation as we approach the New Year and income tax time. I hope that early in 2020 you will give me a
call and set up an appointment to have your 2019 tax return prepared. I am Las Vegas CPA Michael Mathews. My office is located at 2620 Regatta Dr.
Suite 102. Merry Christmas and Happy New
Year to all of my friends current and future in Las Vegas.
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