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This content is a press release from our partner Business Wire. The AP newsroom and editorial departments were not involved in its creation.

MEDIA ALERT - On Presidents’ Day, We Remember the Role Many Presidents Have Had in the Development of the Federal Tax Laws Over the Years

February 14, 2019
Celebrate Our Nations Presidents and Their Impact on Our Tax Code! (Graphic: Business Wire)

--(BUSINESS WIRE)--Feb 14, 2019--Wolters Kluwer Tax & Accounting:

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20190214005695/en/

Celebrate Our Nations Presidents and Their Impact on Our Tax Code! (Graphic: Business Wire)

What: Taxes have played an important role in the history of the United States. The revolution against Great Britain started over the issue of “taxation without representation.” For over half of the country’s history, the federal government relied primarily on tariffs imposed on imports to fund its operations. Income taxes were first enacted to help fund the Civil War, but Constitutional issues were raised over an income tax. This led to ratification of the Sixteenth Amendment in 1913, and we have had an income tax ever since. Many Presidents have campaigned on federal tax issues and often have been successful in enacting tax legislation as one of their first priorities after being elected.

Why: As we continue to tinker with our Internal Revenue Code, it is important to know how we got to this point, what has been tried in the past, and what forces continue to influence changes to the Tax Code.

  • What were the Constitutional issues with enactment of an income tax
  • Why did we once have a marginal income tax rate as high as 92 percent
  • Why is the Tax Code not only used to raise revenue but also to do social engineering
  • With the current government deficits, it is sometimes hard to remember that taxes were sometimes reduced because the government was taking in too much money
  • What have been some of the key tax principles advocated by recent Presidents
  • What might the future hold as tax cuts continue to be popular on the campaign trail, but the government deficits continue to grow

Who: Tax expert Mark Luscombe, J.D., LL.M, CPA, Principal Analyst for Wolters Kluwer Tax & Accounting, is available to discuss the history of federal taxation and the role Presidents have played in the development of the current Internal Revenue Code.

Contact: To arrange interviews with Mark Luscombe or other tax experts from Wolters Kluwer Tax & Accounting on this or any other tax-related topics, please contact:

MARISA WESTCOTT
212-771-0853
marisa.westcott@wolterskluwer.com

View source version on businesswire.com:https://www.businesswire.com/news/home/20190214005695/en/

CONTACT: MARISA WESTCOTT

212-771-0853

marisa.westcott@wolterskluwer.com

KEYWORD: UNITED STATES NORTH AMERICA NEW YORK

INDUSTRY KEYWORD: PUBLIC POLICY/GOVERNMENT OTHER GOVERNMENT PUBLIC POLICY WHITE HOUSE/FEDERAL GOVERNMENT PROFESSIONAL SERVICES ACCOUNTING BANKING FINANCE

SOURCE: Wolters Kluwer Tax & Accounting

Copyright Business Wire 2019.

PUB: 02/14/2019 12:09 PM/DISC: 02/14/2019 12:09 PM

http://www.businesswire.com/news/home/20190214005695/en