Wednesday, April 15, 2009

TAX FACTS AND A QUOTE

Tax Day is on April 15 each year because it allows the IRS
more time to handle the work and also gives the government
more time to offer taxpayers' refunds. This day was decided
upon in 1955 after several changes over the years. It only
changes if Tax Day falls on a weekend or holiday, and then
Tax Day will be on the following business day.

***

The country's first income tax law came into existence in
1862. Due to the gigantic expense of the Civil War, a person
earning between $600 to $10,000 paid a yearly tax rate of
3%; those that made more were taxed higher.

***

The Commissioner of Internal Revenue was formed in 1862 to
assess and collect taxes as well as enforce tax laws by
seizing property and income and using prosecution as
punishment. In 1953, the Bureau of Interal Revenue became
the Internal Revenue Service, or as we call it, the IRS

"I'm proud to pay taxes in the United States; the
only thing is, I could be just as proud for half the money."
-Arthur Godfrey.

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