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CN - Chapter 1 Introduction to Federal Taxation and...

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Unformatted text preview: Chapter 1 Introduction to Federal Taxation and Understanding Tax Law BRIEF HISTORY OF FEDERAL TAX LEGISLATION. 0 16th Amendment (2/15/131—(10ngress empowered itself to tax income. 0 Revenue Act of 1913—Imposed income tax on individuals, corporations and other entities, effective 3/1/13 (passed 10/3/13). 0 Internal Revenue Codes of 1939: 1954 and 1986—Recodified the numerical referencing format of legislative tax law after significant tax law revisions had occurred. FEDERAL TAX LEGISLATIVE PROCESS. House Ways and Means Committee 1. Conducts hearings on tax and nontax proposals. 2. Drafts initial tax and nontax bills, then sends them to the House of Representatives for approval vote. (a) 2008 Chairman: Charles Range], Democratic Representative from New York. House of Representatives (“House”[ 1. Debates, then votes on tax and nontax bills drafted by the House Ways and Means Committee. 2. Article I, Section 7, of the US. Constitution provides that “All Bills for raising Revenue shall originate in the House of Representatives; but the Senate may propose or concur with Amendments as on other Bills. ” (a) No Representative may ofler amendments from the floor of the House. (b) 2008 Speaker of the House: Nancy Pelosi, Democratic Representative from California. (c) 2008 House Mal'orifl Leader: Steny Hoyer, Democratic Representative from Maryland. (d) 2008 House Minority Leader: John Boehner, Republican Representative from Ohio. Chapter 1 ...
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