U.S. Census Bureau Daily Feature for July 14: First Income Tax

WASHINGTON, July 14, 2017 /PRNewswire-USNewswire/ -- Following is the daily "Profile America" feature from the U.S. Census Bureau:

JULY 14: FIRST INCOME TAX

Profile America — Friday, July 14th. Income taxes first came to America 155 years ago this month, 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. The tax was rescinded in 1872.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. About 149 million individual income tax returns are submitted annually, reporting tax revenues totaling nearly $1.7 trillion. There are over 31,000 tax preparation offices around the nation. These services employ nearly 194,000 people engaged in figuring out taxes owed. Profile America is in its 21st year as a public service of the U.S. Census Bureau.

Sources:
Civil War income tax/accessed 4/27/2017: www.robinsonlibrary.com/social/publicfinance/revenue/1862.htm 
IRS number of individual returns & collections/accessed 4/27/2017: www.irs.gov/uac/soi-tax-stats-tax-stats-at-a-glance
Tax preparation services and employment/County Business Patterns/NAICS 541213: https://factfinder.census.gov/bkmk/table/1.0/en/BP/2015/00A1//naics~541213

SOURCE U.S. Census Bureau

Related Links

http://www.census.gov

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