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Steve McIntosh Report Blog

Tax deadline today

April 15th is the traditional deadline for filing our income tax returns. But since the 15th fell on Sunday, the deadline has been pushed back to twelve o’clock tonight. And if this is news to you … you may want to think about filing for what’s called an extension.
The first federal income tax was enacted in 1862, during the Civil War. That was in the days before we put our wars on the giant Uncle Sam credit card. In 1913, the 16th Amendment to the Constitution made the income tax a permanent fixture in American life.
The federal government’s total anticipated revenue for 2012 is just under 2.5 trillion dollars … which is quite a bit less than anticipated spending. Of that two-and-a-half trillion, about 1.4 trillion … or 57% … will come from income taxes.
There is always talk about changing the income tax, but I don’t believe meaningful alteration is on any politician’s radar.
Our thought for today is from Benjamin Franklin:
“But in this world nothing can be said to be certain, except death and taxes.”

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04/17/2012 1:15AM
Tax deadline today
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