In 1862, to support the Civil War, Congress enacted the nation's first income tax law. Congress eliminated the income tax in 1872 and it had a short-lived revival in 1894 and 1895.
In 1913 the income tax was brought back and became a permanent part of American life. It provided a seemingly unlimited source of funds to finance ever-growing government, and it gave the government an excuse to pry into every aspect of your life.
Reference: http://www.harrybrowne.org/articles/LandOfFree.htm, http://www.infoplease.com/ipa/A0005921.html
More facts about money.
More money facts
The rule of 72 is used to find the number of years it takes to double your money at a given interest rate.
(72/[interest rate]) = years until a principle doubles
So, how long will it take to double your money at eight percent interest? Divide 8 into 72 and you get 9 years.
If you collect 7% on your savings in a little over 10 years the amount will be double what it is today.
The rule of 72 also means that you can determine the time
it takes for a population to double if it is growing at a steady rate by solving this function:
(72/[rate of growth]) = years for population to double
If you have three quarters, four dimes, and four pennies, you have $1.19. You also have the largest amount of money in coins
The portrait of Abraham Lincoln on the penny shows him facing to the right while all other portraits of presidents on U.S. circulating coins face left.
As of 2007 it now costs more than 1 cent to produce 1 cent.
Another fact
