History
The first federal income tax was enacted in 1861, and expired in 1872, amid Constitutional challenges. A corporate income tax was enacted in 1894, but a key aspect of it was shortly held unconstitutional. In 1909, Congress enacted an excise tax on corporations based on income. After ratification of the Sixteenth amendment to the U.S. Constitution, this became the corporate provisions of the federal income tax. Amendments to various provisions affecting corporations have been in most or all revenue acts since. Corporate tax provisions are incorporated in Title 26 of the United States Code, known as the Internal Revenue Code. The present rate of tax on corporate income was adopted in the Tax Reform Act of 1986.
In 2010, corporate tax revenue constituted about 9% of all federal revenues or 1.3% of GDP.
Read more about this topic: Corporate Tax In The United States
Famous quotes containing the word history:
“Man watches his history on the screen with apathy and an occasional passing flicker of horror or indignation.”
—Conor Cruise O’Brien (b. 1917)
“Books of natural history aim commonly to be hasty schedules, or inventories of God’s property, by some clerk. They do not in the least teach the divine view of nature, but the popular view, or rather the popular method of studying nature, and make haste to conduct the persevering pupil only into that dilemma where the professors always dwell.”
—Henry David Thoreau (1817–1862)
“It takes a great deal of history to produce a little literature.”
—Henry James (1843–1916)