|Posted: February 14, 2013, 12:43 am - IP Logged|
Prior to the 16th amendment there was no permanent income tax. In fact there headn't been income tax since after the Civil War.
The first federal income tax was adopted as part of the Revenue Act of 1861. The tax lapsed after the American Civil War. Subsequently enacted income taxes were held to be unconstitutional by the Supreme Court because they were not given to the states. In 1913, the Sixteenth Amendment was ratified, permitting the federal government to levy an income tax without giving all of it to the states.
U.S. federal government tax receipts as a percentage of GDP from 1945 to 2015 (note that 2010 to 2015 data are estimated).
The federal income tax enacted in 1913 included corporate and individual income taxes. It defined income using language from prior laws, incorporated in the Sixteenth Amendment, as “all income from whatever source derived.” The tax allowed deductions for business expenses, but few non-business deductions. In 1918 the income tax law was expanded to include a foreign tax credit and more comprehensive definitions of income and deduction items. Various aspects of the present system of definitions were expanded through 1926, when U.S. law was organized as the United States Code. Income, estate, gift, and excise tax provisions, plus provisions relating to tax returns and enforcement, were codified as Title 26, also known as the Internal Revenue Code. This was reorganized and somewhat expanded in 1954, and remains in the same general form.
Those who run the lotteries love it when players look for consistency in something that's designed not to have any.
There is one and only one 'proven' system, and that is to book the action. No matter the game, let the players pick their own losers.