WASHINGTON, July 1, 2012 /PRNewswire-USNewswire/ -- Following is the daily "Profile America" feature from the U.S. Census Bureau:
SUNDAY, JULY 1: LINCOLN SIGNS INCOME TAX LAW
Profile America - Sunday, July 1st. Income taxes first came to America 150 years ago today, when President Abraham Lincoln signed a bill levying a 3 percent tax on incomes between $600 and $10,000. Incomes over $10,000 paid 5 percent. The tax was rescinded in 1872. The income tax all of us know today dates to 1913, when the 16th Amendment to the Constitution was ratified, giving Congress the power to levy such taxes. Some 142.5 million returns are submitted annually. For those who dislike doing their own taxes, there are nearly 112,000 tax preparation offices around the nation. These services cost nearly $7 billion a year to have our taxes prepared. Profile America is in its 16th year as a public service of the U.S. Census Bureau.
Sources: Chase's Calendar of Events 2012, p. 339
2007 Economic Census, NAICS 541213
Statistical Abstract of the United States 2012, t. 488
Profile America is produced by the Center for New Media and Promotions of the U.S. Census Bureau. These daily features are available as produced segments, ready to air, on a monthly CD or on the Internet at(look for "Multimedia Gallery" by the "Newsroom" button).
SOURCE U.S. Census Bureau