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The Revenue Act of 1913, also known as the Underwood Tariff Act, was a federal law that lowered tariff rates and introduced a federal income tax.
The first federal income tax in the United States was enacted to finance the Civil War in 1861–1862, but that tax was temporary and later repealed . The modern, permanent federal income tax system dat...
Inherited pensions and retirement accounts in the United States are not taxed in one uniform way: whether a beneficiary owes income tax depends on the type of account (traditional vs. Roth), how the m...
The Revenue Act of 1913 (the Underwood–Simmons or Underwood Tariff Act) simultaneously slashed tariff rates and re‑established a federal income tax, shifting the federal revenue mix away from duties t...