Sunday, June 9, 2013

June 9, 1943, A Splendid Anniversary

This from the blog Zero Hedge

Happy "Withholding Tax" Day

On this day in 1943 the “Current Tax Payment Act”, was passed by Congress. It provides for income taxes on wages and salaries to be withheld by employers from paychecks. The purpose stated was that is was an emergency provision for the War. Sure — but it is still with us today. Milton Friedman, who was a key player in implementing the “tax withholding” system realized what he had done and sought redemption: "... It never occurred to me at the time that I was helping to develop machinery that would make possible a government that I would come to criticize severely as too large, too intrusive, too destructive of freedom. Yet, that is precisely what I was doing."

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