The election of Donald Trump to our nation's highest political office is undoubtedly one of the most surprising developments in U.S. history. This is a purely factual observation, completely removed from any sort of partisan bias. Many reliable polls taken just prior to the election showed Clinton
Thought of the Day: What’s in a Tax?
What's in a tax? Divested of all misleading associations and stripped of any false labels, what does a tax truly represent? In these last several months, Huddleston Tax Weekly has covered a wide range of topics. We've looked at tax measures from eras far removed from our own: we've examined the
A Note on the Capital Gains Tax
As the previous installment of Huddleston Tax Weekly made clear, our tax code draws a distinction between ordinary income and capital gains. In general, ordinary income is income derived throughout the course of running a business or trade; capital gains result from the sale of a “capital asset”
How War Shaped Modern U.S. Taxation
The idea that war has in some sense impacted tax policy throughout our nation’s history should strike no one as being controversial. War and taxes have always had a close relationship, not only within the United States but across the whole globe. In fact, it is probably the case that taxes have
The Rise of the Progressive Federal Income Tax System
Before we dive into the details of the Revenue Act of 1913 and the progressive tax system, let’s briefly go over what we’ve learned about the history of the income tax. During the War Between the States, the U.S. government imposed the first income tax in order to fund the Union army. This tax –
A Note on Direct & Indirect Taxes
In recent installments, we have discussed some of the legal and political issues surrounding the income tax. Upon reviewing these installments, there can be little doubt that the history of taxation in these United States is quite complex. Though the Congress has always had a power to tax, the
The Birth & Growth of the Income Tax in the United States
Most people are oblivious of the fact that the United States has not always consistently imposed an income tax. Most people assume that the Internal Revenue Service has existed in its current form forever. Though it is false, this assumption is not without reason: national governments have a
What Every Business Owner Should Know About Contract Law
It is unrealistic to expect every business owner to have a thorough command of contract law. Running a business is a very demanding job, and so unless they are fortunate to have a formal background in law business owners simply do not have the time required to master all the finer points of