December 7th, 1941 may be a day that will live in infamy, but February 13th, 1913 holds a close second. What’s so significant about that date? The 16th Amendment was ratified to the US Constitution- i.e. the income tax. It states, “The Congress shall have power to lay and collect taxes on incomes, from whatever source derived, without apportionment among the several States, and without regard to any census or enumeration.” We can all thank President Woodrow Wilson for signing it into law.
These days, April 15th, or Tax Day, is the day most people dread. Originally set to be March 1st, the final filing date was moved to its current time in 1955 and has since remained unaltered. Interestingly, the government is required to mail your refund within 45 days, or it has to pay interest.
“The hardest thing in the world to understand is…the income tax.” – Albert Einstein
“Income tax returns are the most imaginative fiction being written today.” – Herman Wouk
“Unquestionably, there is progress. The average American now pays out twice as much in taxes as he formerly got in wages.” - H. L. Mencken