MEDIA ALERT – On Presidents’ Day, We Remember the Role Many Presidents Have Had in the Development of the Federal Tax Laws Over the Years

Wolters Kluwer Tax & Accounting Takes a Look at the History of the
Internal Revenue Code

–(BUSINESS WIRE)–Wolters Kluwer Tax & Accounting:


What: Taxes have played an important role in the history of the
United States. The revolution against Great Britain started over the
issue of “taxation without representation.” For over half of the
country’s history, the federal government relied primarily on tariffs
imposed on imports to fund its operations. Income taxes were first
enacted to help fund the Civil War, but Constitutional issues were
raised over an income tax. This led to ratification of the Sixteenth
Amendment in 1913, and we have had an income tax ever since. Many
Presidents have campaigned on federal tax issues and often have been
successful in enacting tax legislation as one of their first priorities
after being elected.

Why: As we continue to tinker with our Internal Revenue Code, it
is important to know how we got to this point, what has been tried in
the past, and what forces continue to influence changes to the Tax Code.

  • What were the Constitutional issues with enactment of an income tax
  • Why did we once have a marginal income tax rate as high as 92 percent
  • Why is the Tax Code not only used to raise revenue but also to do
    social engineering
  • With the current government deficits, it is sometimes hard to remember
    that taxes were sometimes reduced because the government was taking in
    too much money
  • What have been some of the key tax principles advocated by recent
    Presidents
  • What might the future hold as tax cuts continue to be popular on the
    campaign trail, but the government deficits continue to grow

Who: Tax expert Mark Luscombe, J.D., LL.M, CPA, Principal Analyst
for Wolters Kluwer Tax & Accounting, is available to discuss the history
of federal taxation and the role Presidents have played in the
development of the current Internal Revenue Code.

Contact: To arrange interviews with Mark Luscombe or other tax
experts from Wolters Kluwer Tax & Accounting on this or any other
tax-related topics, please contact:

MARISA WESTCOTT
212-771-0853
marisa.westcott@wolterskluwer.com

Contacts

MARISA WESTCOTT
212-771-0853
marisa.westcott@wolterskluwer.com

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