Income tax II in 1188 to raise money for the Third Crusade. The tithe demanded that each layperson in England and Wales be taxed one tenth of their personal income and moveable property. The inception date of the modern income tax is typically accepted as 1799, at the suggestion of Henry Beeke, the future Dean of Bristol. This income tax was introduced into Great Britain by Prime Minister William Pitt the Younger in his budget of December 1798, to pay for weapons and equipment for the French Revolutionary War. Pitt's new graduated (progressive) income tax began at a levy of 2 old
Income tax in Australia Insurance Scheme. This increase was abandoned in April 2018. The Low Income Tax Offset (LITO) is a tax rebate for Australian-resident individuals on lower incomes. For 2015-16, in addition to the tax-free threshold of $18,200, the LITO is $445 until the individual's taxable income reaches $37,000. The LITO is then reduced by 1.5c for every dollar of taxable income above $37,000, and cuts out when taxable income reaches $66,667. The LITO reduces an individual's tax liability but is not refundable when the liability reaches zero, and does not reduce the Medicare levy. The LITO is not used in calculating PAYG