Income tax in the United States peacetime income tax. The rate was 2% on income over $4000, which meant fewer than 10% of households would pay any. The purpose of the income tax was to make up for revenue that would be lost by tariff reductions. In 1895 the United States Supreme Court, in its ruling in "Pollock v. Farmers' Loan & Trust Co.," held a tax based on receipts from the use of property to be unconstitutional. The Court held that taxes on rents from real estate, on interest income from personal property and other income from personal property (which includes dividend income) were treated
Working Party on the Reorganisation of the Income Tax Act 1976 established initially to oversee the rewrite process, but from 2004 it was also tasked with determining whether there are errors (or "unintended legislative changes") in the rewriting of the Income Tax Acts. The Panel was disestablished in 2014. Its chairs were Colin Blair (1995–2003), Sir Ivor Richardson (2003-08) and David McLay (2008–14). Working Party on the Reorganisation of the Income Tax Act 1976 The Working Party on the Reorganisation of the Income Tax Act 1976 was a committee appointed by the New Zealand government to advise on the appropriate reorganisation of the income tax legislation. The Working Party was set