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Monday, April 15, 2019

Taxes are Due

The deadline approaches, just a few hours a way, are you ready?? The deadline I speak of is deadline to file your taxes. It occurs each year on April 15th unless the day falls on a weekend or holiday. However, the 15th of April has not always been known as tax day.

The 16th amendment created income tax day February 3, 1913. The tax deadline that year would be March 1, 1913 and only taxed incomes above 4,000. Before income tax the federal government would raise money on tariffs on imports and exports as well as taxes on cigarettes and alcohol. Previously there was a national income tax in 1894 that taxed on states population.

The tax according to where you lived was deemed unconstitutional and had to be amended. The 16th amendment allowed everyone time to file but very few did. The Revenue Act of 1918 moved the deadline to file to March 15 and imposed a 77% tax on the highest income. During World War I this tax worked out well. However, the Depression lowered incomes and led to individuals not paying taxes.

By World War II paying taxes had become a patriotic duty to pay taxes. Irving Berlin wrote songs and  the IRS created posters that reminded people to pay. During this time the Treasury Department also began withholding taxes from worker's paychecks and the W-2 was created. It seemed the world of taxes was changed. However, there were more changes to come.

In 1954 the deadline for taxes was moved to April 15th.

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