Today is the deadline to file taxes with the Internal Revenue Service or ask for an extension. This year marks the 100th anniversary of the income tax. Here are some more facts about it:
FACT: President Abraham Lincoln created the first income tax in 1862 as a way to help finance the Civil War. The tax topped out at five percent and lapsed after a decade.
FACT: President Woodrow Wilson signed the Revenue Act of 1913 into law, imposing a one percent tax on incomes more than three-thousand dollars for individuals and a percentage point higher for higher incomes. The tax capped at seven percent for income greater than 500-thousand dollars.
FACT: Tax rates reached their highest during World War II, starting at 23 percent for those with the lowest incomes and climbed to a whopping 94 percent for income greater than 200-thousand-dollars.
FACT: The IRS says it lost out on about 450-billion-dollars in 2006 from taxpayers who either underpaid or didn't pay their taxes.






