A look back at tax law, IRS history, and the stories behind how we got the tax system we have today.
When the Secret Service scandal initially broke, I, like many taxpayers wondered, exactly, the Secret Service actually did beyond accompanying the President outside of the White House. In my stereotypical mind’s eye, they all looked like Clint Eastwood as Frank Horrigan in The Line of Fire, constantly searching for scary potential assassins that looked like…
Our next tax trivia question is: In honor of President’s Day, today’s trivia focuses on a little presidential and tax history… The top federal income tax rate for incomes of more than $200,000 was, at one point in our country’s history, a whopping 94%. Though that rate only lasted for two years, it spanned two…
Our next tax trivia question is: According to legend, in the 11th century, Lady Godiva took pity upon the people of Coventry who were being oppressed by heavy taxation imposed by her husband. In one of the more interesting takes on tax reform, her husband agreed to tax relief if Lady Godiva would ride through…
Our next tax trivia question is: Congress passed the Bank Secrecy Act (sometimes referred to as BSA or the Currency and Foreign Transactions Reporting Act), which included cash reporting requirements and FBAR (Report of Foreign Bank and Financial Accounts) rules, in 1970 as the first laws to fight which crime in the US? For more about…
Our next tax trivia question is: Taxpayers may indicate on their tax returns that money be given to the Presidential Election Campaign Fund. About how much money was given to the Presidential Election Campaign Fund from 2010 tax returns? For more about the giveaway, including rules and prizes, check out this post.
Our next tax trivia question is: The man who is largely responsible for writing the modern-day Tax Code, Ward M. Hussey, also drafted language for other major legislation including which large-scale program meant to help rebuild European economies after the end of World War II and stop the spread of Soviet communism? For more about…
Our next tax trivia question is: The original purpose of the Social Security number, which was introduced in 1935, was to track individuals’ accounts within the Social Security program. In 1938, as part of a promotion to sell wallets primarily through Woolworth’s, wallet manufacturer E. H. Ferree Company used a sample Social Security card to…
Our next tax trivia question is: In 2000, Vice President Cheney and his wife owed federal taxes of $14,295,058 on adjusted gross income of $36,086,635. After taking into account withholding and other payments, how big a check did the Cheneys have to write when they mailed in their taxes? (I’ll take answers within $100,000) For…
Our first tax trivia question is: In 1913, Congress levied a one percent tax on net personal incomes above $3,000, with a six percent surtax on incomes above $500,000. As the nation sought greater revenue to finance the World War I effort, the top rate of the income tax rose considerably. What was the top income…
So, show of hands: who really thought that former Massachusetts Governor and current GOP presidential hopeful Mitt Romney would win South Carolina? My hand will stay firmly by my side. I expected Romney to lose South Carolina. I also still fully expect him to get the nod from the party at the GOP Convention despite…