Today is Tax Day so here’s some IRS-related trivia to share at the water cooler:
Did you know… President Lincoln and Congress enacted the first income tax in 1862 to pay Civil War expenses.
Did you know… The Civil War income tax was repealed in 1872, revived by Congress in 1894, and ruled unconstitutional by the Supreme Court in 1895.
Did you know… In 1913, Wyoming was the deciding vote in the 16th Amendment which gave Congress the authority collect income tax.
Did you know… The first income tax was 1 percent on net personal incomes above $3,000. There was a 6 percent surtax on incomes over $500,000.
Did you know… The first 1040 form was 4 pages long — including instructions. Today, the instructions ALONE are 92 pages.
Did you know… During World War I, the highest rate of income tax was 77 percent. Taxes were used to help finance the war.
Did you know… In 1954, the tax filing date changed from March 15 to April 15.
Did you know… Electronic filings started in 1986. Today, e-filings have an error rate of 0.5 percent versus an error rate of 21 percent for paper filings.
And remember: If you don’t file tax returns, the Treasury Department won’t send your economic stimulus check. Happy April 15, everyone.
A Brief History of the IRS