In July 1862, during the Civil War, President Abraham Lincoln and Congress created the office of Commissioner of Internal Revenue and enacted a temporary income tax to pay war expenses. The position of Commissioner exists today as the head of the Internal Revenue Service.
The Revenue Act of 1862 was passed as an emergency and temporary wartime tax. It copied a relatively new British system of income taxation, instead of trade and property taxation. The first income tax act was passed in 1862: The initial rate was 3% on income over $800 up to $10,000. Many people were therefore exempt. The second tier was 5% on income over $10,000. In 1864 the rate was 5% on income between $600 and $5,000; 7.5% on income $5,000–10,000; and 10% on income $10,000 and above. By the end of the war, 10% of Union households had paid some form of income tax, and the Union raised 21% of its war revenue through income taxes.So contrary to popular belief, the fight for Independence from the British did not eliminate taxes for the citizens of America. Indeed the IRS seems to have become a law unto itself and is possibly the most feared arm of the US Government. The 1980’s saw a reorganization of the IRS. A bipartisan commission was created with several mandates, among them to increase customer service and improve collections. Congress later enacted the Internal Revenue Service Restructuring and Reform Act of 1998. As a result of that Act, the IRS now functions under four major operating divisions: Large Business and International division (LB&I), the Small Business/Self-Employed division, the Wage and Investment division, and Tax Exempt & Government Entities division. The IRS also includes a criminal law enforcement division (IRS Criminal Investigation Division). While there is some evidence that customer service has improved, lost tax revenues in 2001 were over $323 billion.
THE CACHE IS NOT AT THE POSTED COORDINATES. Solve the puzzle below to calculate the actual coords for the cache location.
N40 0A.BCD W074 5E.FJH
A - Other taxes
B - Ordinary Dividends : (payer)
C - Cost of Goods sold
D - Totals for all transactions- ( Box E checked)
E - Cleaning and Maintenance
F - Other Income
J- Figure the tax on the amount on line 3
H - Additional Medicare Tax withholding.
Disclaimer:This puzzle is in no way is to be construed as tax advice. Indeed, do NOT call me with your tax questions. However, I understand that the person to whom this cache is dedicated is a subject matter expert. If you should choose to consult said person, this CO is hereby absolved of any responsibility.
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