Title: Taxes & Debt - Understanding, Filing & Paying Taxes
Headings: Taxes
Taxes
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Filing Taxes
Understanding Taxes
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Your Tax Dollars at Work
Taxes Through History
Bill Fay
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Content: Other costs that take up less than 10 percent of taxes include health costs, veteran benefits, education and transportation. Taxes Through History
President Abraham Lincoln enacted the first income tax in the United States, and the 1862 law helped pay for Civil War expenses. Individuals with annual incomes of $600 to $10,000 paid 3 percent, while individuals with higher incomes paid 5 percent. The tax was repealed just 10 years later and was not reinstated until 1894. In the 120 years since then, income tax has undergone numerous changes to keep up with the changing financial needs of the country. Today, the average American pays close to 12 percent of his or her income in federal income tax. About The Author
Bill Fay
Bill “No Pay” Fay has lived a meager financial existence his entire life. He started writing/bragging about it in 2012, helping birth Debt.org into existence as the site’s original “Frugal Man.” Prior to that, he spent more than 30 years covering the high finance world of college and professional sports for major publications, including the Associated Press, New York Times and Sports Illustrated. His interest in sports has waned some, but he is as passionate as ever about not reaching for his wallet.