Though his precise choice and order of words seems to vary among different sources, it was Benjamin Franklin quoted as saying the only thing certain are death and taxes. Ah for the good ole days when only half that ominous statement was true, at least in terms of the national income tax that turned 100 years old February 3, 2013.
It’s hard to imagine an existence without having to deal with your income taxes every year. But just a little more than a century ago, for most Americans, that was the reality of things. It was only in 1913 that President William Howard Taft pushed for the ratification of the 16th Amendment to the Constitution. Of course, its intent was much different than the national income tax we know today.
As reported by the National Constitution Center:
Ratification of the 16th Amendment “was an effort to make sure more higher-income people paid taxes, and that the government wasn’t wholly dependent on tariffs and taxes on goods.” (Though it’s worth noting this was actually the third national income tax, but the 1913 anniversary is the one we celebrate, er, recognize, since it’s the Constitutional Amendment that made it stick.)
In other words, the national income tax wasn’t initially intended to those on the lower and middle ends of the pay scale.
Now, a hundred years later, we’re all paying taxes…or not.
In the struggle to make ends meet, it’s not just credit card debt and other loans that may go unpaid, but also personal income taxes. If that’s your situation, you know it can be among the most stressful of debts, owing more than you can afford to pay to the United States government. Thankfully, you do have options. Here at CreditInfocenter.com we have comprehensive information on:
- Tax levies and liens
- Filing an Offer in Compromise
- Bargaining with the IRS on back taxes
Check out our collection of articles on these and other tax-related issues.