History Of Your Federal Taxes: Difference between revisions

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Revision as of 23:48, 21 September 2026

The courts have generally held that direct taxes are restricted to taxes on people (variously called capitation, poll tax or head tax) and property. (Penn Mutual Indemnity Co. v. C.I.R., 227 F.2d 16, 19-20 (3rd Cir. 1960).) All other taxes are typically called "indirect taxes," within their tax an event, rather than person or property by itself. (Steward Machine Co. v. Davis, 301 U.S. 548, 581-582 (1937).) What was a straightforward limitation on the power of the legislature based on the main topics the tax proved inexact and unclear when applied to an income tax, which could be arguably viewed either as a direct or an indirect tax.

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That said, just because lenders are required to send 1099s does not imply that you personally automatically will get hit having a huge goverment tax bill. Why? In most cases, the borrower can be a corporate entity, and you are just a personal guarantor.

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