WASHINGTON, July 1, 2015 /PRNewswire-USNewswire/ -- Following
is the daily "Profile America" feature from the U.S. Census
Bureau:
FIRST INCOME TAX
Profile America — Wednesday, July
1st. Income taxes first came to America 153 years ago today,
when President Abraham Lincoln
signed a bill levying a 3 percent tax on incomes between
$600 and $10,000, and 5 percent for
greater incomes. After helping finance the federal cause in the
Civil War, the tax was rescinded in 1872. The income tax all of us
know today dates to 1913, when the 16th Amendment to the
Constitution was ratified, giving Congress the power to levy such
taxes. About 147 million individual income tax returns are
submitted annually, totaling nearly $2
trillion. There are over 27,000 tax preparation offices
around the nation. These services employ some 187,000 people
engaged in figuring out the personal or business taxes owed.
Profile America is in its 19th year
as a public service of the U.S. Census Bureau.
Sources:
Civil War income tax:
http://www.robinsonlibrary.com/social/publicfinance/revenue/1862.htm
IRS number of individual returns:
http://www.irs.gov/file_source/pub/irs-soi/14db02nr.xls
IRS individual tax collections:
http://www.irs.gov/file_source/pub/irs-soi/14db06co.xls
Tax preparation services and employment/NAICS 541213:
http://censtats.census.gov/cgi-bin/cbpnaic/cbpdetl.pl
Profile America is produced by the Center for New Media
and Promotions of the U.S. Census Bureau. These daily features are
available as produced segments, ready to air, on the Internet at
http://www.census.gov (look for "Multimedia Gallery" by the
"Newsroom" button).
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SOURCE U.S. Census Bureau