Write a brief history of the federal income tax in the United States. Your description should reference dates and constitutional/political issues, if any

What will be an ideal response?

The United States first used an income tax in 1861 to help finance the Civil War. This tax was repealed in 1871 . In 1894, Congress attempted to institute another federal income tax but the Supreme Court ruled that the income tax was unconstitutional because it was a direct tax and was not distributed among the states according to population as the Constitution required. Popular support in favor of a larger federal government increased the incentive to institute a federal income tax, given its revenue raising capabilities. In 1913, a Constitutional amendment was passed to allow the creation of a federal income tax. Thus the current federal income tax system dates back to 1913, although the system has undergone tremendous changes during the twentieth century, including expansions during both World Wars and major tax reforms in 1964 and 1986.

Economics

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When producers would have been willing to accept lower prices at various quantities produced than the market clearing price, the differences are called

A) producer surplus. B) monopoly profits. C) opportunity cost. D) deadweight loss.

Economics

What is the key feature shared by all oligopoly markets?

a. A large number of sellers. b. Mutual interdependence. c. Product differentiation. d. Easy entry and exit.

Economics