Earned Income Tax Credit | A Short Timeline of Taxation Practices of the USA, Chapter 3

A Short Timeline of Taxation Practices of the USA, Chapter 3

Raleigh NC CPA

W. Marc Gilfillan, CPA, NC, individual and business CPA and Tax expert, shares about the history of taxes…

So the question remains, what happened with taxes in the US?

US tax makers have been collecting what they have been sowing for a long time. Our honor system has been trumped by a system in which every tax payer is under surveillance due to the strong threat of evasion. Basically, compulsion has replaced consent. Honor has been replaced with spying on citizens. If you are feeling the pressure with today’s taxes, call a Cary NC CPA for all your tax-related needs!

In the mid-20th century, there wasn’t a bank in the US that informed the IRS about the affairs of citizens who went to that bank, interest was not reported, withdrawals of cash weren’t reported, and not a thing that went through accounts were photographed. Also, real estate transactions weren’t reported, stock transactions weren’t reported, dividends were not reported, income from other sources (Form 1099) wasn’t reported, and US Customs didn’t require a declaration of cash carried. Go here if you want help from a modern-day Tax Preparation in Cary, NC.

It was an honor system, and it functioned quite well. The deterioration that happened over the previous fifty years to now is that everything of any fiscal significance is now reported.

Adam Smith said that taxes will be evaded and tax laws shown little credence when there is a general suspicion of a lot of meaningless expense and great misapplication of the public revenue. In other words, $500 toliet seats, high-dollar grants to study the sex lives of ants, etc.

Because the government wanted to catch a few tax resisters and evaders in the 1950s Congress made a tax abomination of the US tax system that more and more taxpayers attempt to bypass. As a general rule, mass tax evasion is a clear signal that a government’s tax system isn’t working. Citizens will pay taxes, even income taxes, if the rates are acceptable.

Thanks for reading! Stay tuned for more updates!

http://www.marccpa.com/

Earned Income Tax Credit

• Give to Relief in Haiti - Get Immediate Tax Deduction on 2009 Tax Return
• A Brief Timeline of Taxation of the United States, Chapter Two
• The History of Taxation, Part Nine: Taxes, Slavery, and the American Civil War
• A Brief Timeline of Taxation Practices of the USA, Section 1
• A History of Taxation Practices, Chapter Eight: Tax Law and The Boston Tea Party

Filed Under Earned Income Tax Credit |

Tagged With accountant, bookkeeping, CPA, income tax, marc gilfillan, NC, raleigh, Tax, tax preparation, tax return, taxes

Comments

Sponsors

• Recent Posts

  • Manufacturers Can Benefit From Tax Credits
  • Roth IRAs Are Now Available for the Rich! You Must Act Before 2011
  • Learn About County Tax Collector
  • Commencing Pensions With Concessional Contributions
  • Wage Garnishments - When the IRS Comes Down on You Hard
  • How To Get a Live Person at the Georgia Department of Revenue
  • The Sales Tax Holiday - A Bad Idea
  • Paying Online Sales Tax Doesn’t Have to Cost a Fortune
  • Enrolled Agents Help Settle Your Tax Debts With the IRS
  • Will It Be So To Apply On The Net With Regard To A Card?
  • The Perfect The Suitable College Credit-based Card For You Personally
  • Do You Will Need That Credit-based Card?
  • Trusting Ones Credit Card Particulars With A Web-based Net Casino
  • What Is Tax Domicile and Does It Automatically Change If You Move From Country to Country?
  • In-Depth Facts on the CP 503 IRS Notice, and What You Should Do If You Get It

Tags

0 interest credit cards accountant apply for visa credit card bookkeeping capitol one credit card Earned Income Earned Income Tax Earned Income Tax Credit Earned Income Tax Credit EITC EITC finance help with prescriptions income tax merchant credit card processing services orchard bank credit card orchard bank credit cards orchard bank secured credit card preferred tax relief raleigh rx help Tax taxes tax preparation Tax Relief tax return