Here’s some background information about the annual income tax filing deadline in the United States. April 18, 2017 is the deadline to file 2017 income tax returns. The deadline is later this year due to April 15th falling on a weekend and the celebration of Emancipation Day on April 16.
Filing Statistics:
The IRS’s fiscal year runs from October 1 to September 30.
Fiscal Year 2016
Individual Income Tax Returns Filed
Total Receipts: 150,711,378
Total Individual Refunds
Number: 120,119,142
Amount: $366,645,533
Where Do The Taxes Go?
National Defense 16%
Social Security 24%
Medicare, Medicaid, etc. 25%
Safety Net Programs 10%
Interest on Debt 6%
Benefits for Veterans & Federal Retirees 8%
Education 3%
Transportation infrastructure 2%
Science and medical research 2%
Non-security international 1%
All other 3%
Timeline:
1862 – During the Civil War, the IRS is born when President Abraham Lincoln and Congress create the Commissioner of Internal Revenue and enact an income tax to pay war expenses. The first income tax levied 3% on incomes between $600 and $10,000 and 5% on anything over $10,000. This income tax lasts until 1872.
1895 – The Supreme Court rules in Pollock v. Farmers’ Loan and Trust Co. that taxing incomes uniformly throughout the United States is unconstitutional.
1913 – The 16th Amendment is ratified by the states, giving Congress the authority to enact an income tax. Congress also introduces the first 1040 form and levies a 1% tax on personal incomes over $3,000 with 6% surtax on incomes of more than $500,000.
1918 – During World War I, to help finance the war, the highest rate of taxation on income is 77%. After the war, by 1929, the rate drops to 24%.
1954 – The tax filing deadline is moved from March 15 to April 15, to give taxpayers more time to prepare their returns.
January 3, 1996 – Congress enacts the Taxpayer Bill of Rights to ensure relief from overzealous collection efforts on the part of IRS personnel.
