Why do we pay income taxes, again?

Update: 2024-04-09

Description

We revisit our explainers on why our tax system is the way it is, and how to comply with it, just in time for tax day.

We haven't always had a federal income tax, and in the beginning, it only applied to the very richest Americans. So how did we end up with the permanent income tax we have today, with all its complicated rules about everything from pre-tax income to deductions and credits? And what does it actually pay for?

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