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Word Count: 820
In the United States the history of taxes goes far back in time During the Civil War there was a tax on income for a short period of time In the 1890s the tax was ruled unconstitutional by the Supreme Court In 1913 the 16th Amendment was passed which gave the United States the power to tax personal income Congress imposed taxes to help raise money to fight wars Before the government relied on excise taxes on liquor and tobacco for its revenue These taxes benefited American manufacturers by keeping prices high for foreign-made goods During the Great Depression in the 1930s the government also many income and social security programs The federal income tax began as a tax on only the wealthy in the 1960s Later this tax included almost all families not just the wealthy Personal Income Tax makes up more than half of the Federal Governments revenue Individuals are taxed on their earnings ever since July 31 1969 This is where most of the Governments money comes from Personal income tax produces about five times as much revenue as the corporate income tax But not all income is taxed in the same way Owning stock in a corporation or collecting interest from a savings account is handled in a special way Also there are many types of exemptions and tax-deferred savings plans available For the fiscal year 1998 total individual collection in Illinois was 7254646661 This was a 108 increase from the previous year In 1989 total individual collections were 3729530665 The initial income tax rate in individuals is now at 3 which was made permanent in 1993 When you purchase goods or services you have to pay a tax There are two different kinds of these taxes the vendor tax and the consumer tax The vendor tax taxes the person doing the business The tax is based upon the amount of goods sold The consumer tax taxes the
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