Welcome to Tax Day 2026!
April 14, 2026
Entrepreneur & Author
“Let me tell you how it will be
There’s one for you, nineteen for me
‘Cause I’m the taxman, yeah, I’m the taxman
Should five percent appear too small
Be thankful I don’t take it all
‘Cause I’m the taxman, yeah I’m the taxman
– The Beatles “Taxman”
——-
Tax Day in the United States is, and perhaps always will be, an inauspicious date. Every April 15th, millions of otherwise upbeat and proactive citizens wait until the very last moment before submitting to the inevitable reach of the taxman. Entire cottage industries of tax attorneys and Certified Public Accountants owe their very existence to this single day on the calendar.
“The income tax has made more liars out of Americans than golf.”
— Will Rogers
The concept of income tax in the United States, as in much of the world, has evolved over centuries. President Abraham Lincoln established the Bureau of Internal Revenue in 1862—the direct predecessor to today’s Internal Revenue Service. At the time, those considered wealthy, earning above $10,000, were taxed at 5%, while a 3% rate applied to incomes above $600; those below that threshold were exempt. Tax collectors were incentivized through commissions, a structure that, according to historian Shelley L. Davis in Unbridled Power, “led to widespread abuse and corruption.” By 1872, amid mounting scandals, the income tax was repealed.
“The hardest thing in the world to understand is the income tax.”
— Albert Einstein
The tension between public necessity and perceived fairness has long defined the income tax debate. It was not until the early twentieth century that income tax returned in a meaningful way. According to Davis, it was viewed as an efficient mechanism to prevent the concentration of extreme wealth. In 1906, President Theodore Roosevelt openly criticized fortunes “swollen beyond all healthy limits,” reflecting a growing political appetite for redistribution.
That debate was further shaped by an 1895 ruling from the U.S. Supreme Court, which sided with wealthy plaintiffs arguing that income tax was unconstitutional because it was not proportioned equally among citizens. The issue remained unresolved until October 3, 1913, when President Woodrow Wilson signed into law the first modern federal income tax following ratification of the 16th Amendment. Notably, that original legislation spanned just fourteen pages—a stark contrast to the sprawling and often incomprehensible tax code that exists today. At least for now, tax season is nearly behind us. And for many, that alone is reason enough to enjoy the week ahead.
As always, thank you for being part of the Global Common Cents community.
Hope you enjoy this issue.
Jeff Corbett
Publisher | Global Common Cents
Sponsor of this Issue:
TSAR BOMBA is a bold, international watch brand that merges cutting-edge mechanical aesthetics with high-performance engineering. More than just timepieces, our watches feature a globally patented tool-free interchangeable design, serving as a daily reminder that “You Have The Power!” to redefine your style in seconds. Our customers value innovation, exotic materials, and sophisticated craftsmanship — and so do we.
