Tax Law And Accounting
Tax Law and Accounting
Income tax is a part of the fiscal policy of our economy. The first federal income tax was imposed by Congress in 1862, to finance the waging of the Civil War. The Civil War income tax was repealed in 1872, but a new income tax was enacted as part of the 1894 Tariff Act. However, the Supreme Court struck down the income tax in 1895. It ruled that the portion of the income tax that applied to income on property was a direct tax that, under the United States Constitution, could not be levied without apportioning the tax by population. In 1913, the states ratified the Sixteenth Amendment to the United States Constitution, which made possible modern income taxes (Taxation).
The sources of the modern income tax statutes are court decisions, case law, legislation, constitutional provisions, and international taxation laws. Objectives of the income tax statutes are to raise resources for the government, to reduce the inequalities of income in the economy, to......
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