Graduated income tax (jul 2, 1909 – feb 3, 1913)
Description:
The goal was to empower farmers to set their prices for their crops. The Omaha Platform introduced a unique tax system that would make farmers pay taxes according to their Income—the plan aimed to utilize the revenue from income tax to lessen the tax burden on US-based companies. The 16th Amendment was passed on February 3, 1913, granting Congress the power to impose an income tax without relying on population-based assessments. (Finance, 3)Added to timeline:
Date:
jul 2, 1909
feb 3, 1913
~ 3 years and 7 months