(855) 4-ESSAYS

Type a new keyword(s) and press Enter to search

The Federal Income Tax: A Centenary Consideration "

            The federal income tax has been around since 1913 when the 16th amendment to the U. It has been an important part of every wage earner's life in the United States since then. April 15 suddenly went from the halfway point of the month to one of the scariest (and most rewarding) days for Americans once it became the day taxes are due. Helping with this important day on the calendar, our 30th President, Calvin Coolidge, took office in 1921 with a tax plan in mind. Receiving help from Secretary of Treasury Mellon, the two formed a tax policy that would lower taxes and make fewer people have them. Coolidge also planned on reducing federal expenditures in hopes of decreasing the federal debt. In 1924 Congress passed the Revenue Act of 1924, which lowered income tax rates and eradicated all income taxation for roughly 2 million people. Coolidge's policy offers several lessons that our non-frugal government could learn from today. With the overspending and constant increase in federal debt, the Department of Treasury could take a few notes on what Coolidge did during his time in office and make a move to stabilize our economy. With Coolidge's policies in place, a flat tax would be most helpful in this regard, and would minimize confusion on what tax rates are for specific incomes. With the introduction of the federal income tax and Calvin Coolidge's quick response with several Revenue Acts, there has been a great debate over what is the best way to handle taxes in the United States and the fair tax seems to be the answer. .
             The federal income tax originated in the United States in 1913 after the 16th amendment was ratified. This amendment gave Congress the authority to impose taxes on income earned by individuals and corporations. However, this was not the first sighting of the income tax. During the Civil War, Congress passed the Revenue Act of 1861 imposing a tax on personal incomes to aid in war expenses.

Essays Related to The Federal Income Tax: A Centenary Consideration "

Got a writing question? Ask our professional writer!
Submit My Question