U.S. Census Bureau Daily Feature for July 1
WASHINGTON, July 1, 2013 /PRNewswire-USNewswire/ -- Following is the daily "Profile America" feature from the U.S. Census Bureau:
MONDAY, JULY 1: FIRST INCOME TAX
Profile America — Monday, July 1st. Income taxes first came to America 151 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 After helping finance the federal cause in the Civil War, the tax was rescinded in 1872.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 145 million individual income tax returns are submitted annually. For those who dislike doing their own taxes, there are nearly 112,000 tax preparation offices around the nation. These services cost nearly $7 billion a year to have our taxes prepared. You can find more facts about America from the U.S. Census Bureau, online at www.census.gov.
Sources: The Library of Congress, History of the U.S. Income tax
2007 Economic Census, NAICS 541213
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).
SOURCE U.S. Census Bureau