Tax Law & Accounting Paper
Tax Law and Accounting
Sue Abraham
University of Phoenix
Tax Law and Accounting
The word "tax" did not become a household name until the late 1800's when congress created the nation's first income tax law. Prior to this law the government used tariff's and imported goods to help support the economy. However, in order to bring in more revenue to help cover the costs of the civil war the government had to make necessary reforms and re-establish tax law. The Revenue Act of 1862 (July 1, 1862, Ch 119, 12 Stat. 432), signed into law by President Abraham Lincoln, is the stepping stone to the modern income tax statutes of today. It is based on "principles of graduated, or progressive, taxation and of withholding income at the source" (History of the Income Tax in the United States, 2000, ΒΆ2). During this time the government collected over 300 million dollars, the highest in the nation's history.
It was not until 1913 that income tax became a part of the United States......
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Approximate Word Count: 895
Approximate Pages: 4 (250 words per double-spaced page)
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