april has launched a new podcast series, "Whose Bottom Line is it Anyway?", reflecting on historical moments that altered U.S. income tax history and discussing its impact on American taxpayers today. Starting at the beginning, they track the evolution of tax law over time and answer fun questions like, “What do Donald Duck and Uncle Sam have in common?”, “Are fortune cookies really the future of the IRS?”, and “How might some people get a larger refund in a few years?”
TL;DR:
Lincoln imposed a federal income tax to raise funds for the war, which was a unique idea since taxes were primarily based on import tariffs.
While some Americans may not be happy about paying taxes, taxes are necessary to fund government programs and services.
Tax proposals become law through a legislative process, not directly from the IRS. The IRS is responsible for enforcing and administering tax laws, but they do not write them themselves.
The IRS's marketing department uses fun ways to get people thinking about their taxes.
Tax laws are complex due to the involvement of individual state interests and administration changes.
Occasionally people can benefit significantly because of a lapse in tax law when congress doesn't renew a sunset revision in time.
The U.S. tax system is considered complex and unique among other countries as it taxes individuals on their worldwide income, regardless of where they are.
Click here to listen on Apple Podcast
Click here to listen on Spotify
