Why do critics want to "pull up the income tax by its roots"? Why
do we have an income tax altogether--especially if its principles
are no longer workable and the tax no longer serves its intended
purpose? Or are the roots, in fact, still viable? This compelling
book seeks answers to those questions in long-forgotten archives of
tax history. Drawing on rare records from Congress, Richard J.
Joseph demonstrates how the idea of relating taxes to individuals
and businesses evolved during 1893-1895, leading in 1894 to
enactment of the first American income tax legislation. That
initial law, he notes, was intended to create a permanent and a
fair "ability-to-pay" system. With an eye for detail Joseph
explores ways in which it would serve as a model for future
revenue. He explains how global and domestic changes have rendered
it passe. And he shows how much of that early law--despite its
swift demise in the case of Pollock v. The Farmers Loan & Trust
Company--informs our current federal taxation system. A lively
written text makes this volume accessible to both lay person and
tax scholar. Its stories of corporate taxation, rarely if ever
divulged before, are highly relevant today.
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