Technically speaking, we actually went “over the fiscal cliff,” as many significant tax increases and spending cuts automatically took effect at the stroke of midnight on December 31, 2012. Later that day, however, on January 1, 2013, retroactive legislation (going back at least several hours) passed the Senate, and then later the House. Our new law, the American Taxpayer Relief Act of 2012 (ATRA), permanently extends important tax provisions and temporarily extends others. > > > Read the full article
1797. The first version of the estate tax was levied in the United States in 1797 for the specific and limited purpose of funding the formation of the U.S. Navy.
1862. The Revenue Act of 1862 enacted an inheritance tax and introduced a gift tax for the first time in order to specifically fund the Civil War effort. > > > Read the full article