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The Federal Reserve System (often shortened to the Federal Reserve, or simply the Fed) is the central banking system of the United States.It was created on December 23, 1913, with the enactment of the Federal Reserve Act, after a series of financial panics (particularly the panic of 1907) led to the desire for central control of the monetary system in order to alleviate financial crises.
The president of the United States ( POTUS) [B] is the head of state and head of government of the United States of America. The president directs the executive branch of the federal government and is the commander-in-chief of the United States Armed Forces . The power of the presidency has grown substantially [12] since the first president ...
51.3% 46.8% 1.1% 0.2% 0.6% Biden +4.5 Swing states The following graph depicts the difference between Joe Biden and Donald Trump in each swing state in the poll aggregators from March 2020 to the election, with the election results for comparison. ...
- History
- Current Organization
- Tax Collection Statistics
- Administrative Functions
- Labor Union
- Controversies
- See Also
- References
- Further Reading
- External Links
American Civil War
In July 1862, during the American Civil War, President Abraham Lincoln and Congress passed the Revenue Act of 1862, creating the office of Commissioner of Internal Revenue and enacting a temporary income taxto pay war expenses. The Revenue Act of 1862 was passed as an emergency and temporary war-time tax. It copied a relatively new British system of income taxation, instead of trade and property taxation. The first income tax was passed in 1862: 1. The initial rate was 3% on income over $800,...
Post Civil War, Reconstruction, and popular tax reform
After the Civil War, Reconstruction, railroads, and transforming the North and South war machines towards peacetime required public funding. However, in 1872, seven years after the war, lawmakers allowed the temporary Civil War income tax to expire. Income taxes evolved, but in 1894 the Supreme Court declared the Income Tax of 1894 unconstitutional in Pollock v. Farmers' Loan & Trust Co., a decision that contradicted Hylton v. United States.The federal government scrambled to raise money. In...
Post 16th Amendment
Though the constitutional amendment to allow the federal government to collect income taxes was proposed by President Taft in 1909, the 16th Amendment was not ratified until 1913, just before the start of the First World War. That same year, the first edition of the 1040 form was introduced. A copy of the 1913 form can be viewed onlineand shows that only those with annual incomes of at least $3,000 (equivalent to $92,500 in 2023) were instructed to file an income tax return. In the first year...
The 1980s saw a reorganization of the IRS. A bipartisan commission was created with several mandates, among them to increase customer service and improve collections. Congress later enacted the Internal Revenue Service Restructuring and Reform Act of 1998, which mandated that the agency replace its geographic regional divisions with units that serv...
Summary of collections before refunds by type of return, fiscal year 2021: For fiscal year 2009, the U.S. Congress appropriated spending of approximately $12.624billion of "discretionary budget authority" to operate the Department of the Treasury, of which $11.522billion was allocated to the IRS. The projected estimate of the budget for the IRS for...
The IRS publishes tax formswhich taxpayers are required to choose from and use for calculating and reporting their federal tax obligations. The IRS also publishes a number of forms for its own internal operations, such as Forms 3471 and 4228 (which are used during the initial processing of income tax returns). In addition to collection of revenue a...
Most non-supervisory employees at the IRS are represented by a labor union. The exclusive labor union at the IRS is the National Treasury Employees Union (NTEU). Employees are not required to join the union or pay dues. The IRS and NTEU have a national collective bargaining agreement. In pursuing administrative remedies against the IRS for certain ...
The IRS has been accused of abusive behavior on multiple occasions.Testimony was given before a Senate subcommittee that focused on cases of overly aggressive IRS collection tactics in considering a need for legislation to give taxpayers greater protection in disputes with the agency. Congress passed the Taxpayer Bill of Rights III on July 22, 1998...
This article incorporates public domain material from the United States GovernmentThis article incorporates public domain material from the United States GovernmentDavis, Shelley L.; Matalin, Mary (1997). Unbridled Power: Inside the Secret Culture of the IRS. New York: HarperCollins. ISBN 0-88730-829-5.Johnston, David Cay (2003). Perfectly Legal: The Covert Campaign to Rig Our Tax System to Benefit the Super Rich – and Cheat Everybody Else. New York: Portfolio. ISBN 1-59184-019-8.Rossotti, Charles O. (2005). Many Unhappy Returns: One Man's Quest to Turn Around the Most Unpopular Organization in America. Cambridge: Harvard Business School Press. ISBN 1-59139-441-4.Roth, William V. Jr.; Nixon, William H. (1999). The Power to Destroy. New York: Atlantic Monthly Press. ISBN 0-87113-748-8.Internal Revenue Service in the Federal RegisterJuneteenth National Independence Day. Independence Day. Labor Day. Columbus Day. Veterans Day. Thanksgiving Day. Christmas Day. Federal holidays in the United States are 11 calendar dates designated by the U.S. federal government as holidays. On these days non-essential U.S. federal government offices are closed and federal employees are paid ...
Nicholas of Worcester (died 1124) was the prior of the Benedictine priory of Worcester Cathedral (crypt pictured) from about 1115 until his death. He was born around the time of the Norman Conquest.It is not known who his parents were, but William of Malmesbury wrote that he was "of exalted descent", and it has been argued that he was a son of King Harold Godwinson.
The 2024 United States presidential election will be the 60th quadrennial presidential election, set to be held on Tuesday, November 5, 2024. [1] Voters will elect a president and vice president for a term of four years. Incumbent President Joe Biden, a member of the Democratic Party, is running for re-election. [2]
