So This Is Where Withholding Taxes Came From
Today is Monday and the last thing that you and I want to entertain and talk about are taxes. I know, we save that for April 15 of any given year, unless you own a business, then it tends to be quarterly. At least that is what the IRS desires.
The reason why this is in the forefront today is because on this day, June 9, 1943, Congress passed an “emergency measure” to withhold taxes from the American people’s pay in order to help fight the good fight against a tyrannical beast by the name of Adolph Hitler.
You don’t like this idea in 2014? You could thank a Macy’s treasurer by the name of Beardsley Ruml, who was also chairman of the New York Federal Reserve Bank in 1943. He conveniently titled it the “pay-as-you-go” tax. At the time, there weren’t very many complaints, and so the government thought it would be a good idea to carry it on past the war.
I hate to bring this to light, by it’s ONLY been 69 years since World War II ended and Hitler has been long gone for quite awhile. I would have to say that it would be nice if the government would re-think that decision, and let us keep more of our hard earned money. Wishful thinking you say? I can’t argue with you on that.