Overseas Private Investment Corporation
The Overseas Private Investment Corporation is the United States government's development finance institution. It mobilizes private capital to help solve critical development challenges and, in doing so, advances the foreign policy of the United States and national security objectives; because OPIC works with the U. S. private sector, it helps U. S. businesses gain footholds in emerging markets, catalyzing revenues and growth opportunities both at home and abroad. OPIC achieves its mission by providing investors with financing, political risk insurance, support for private equity investment funds, when commercial funding cannot be obtained elsewhere. Established as an agency of the U. S. government in 1971, OPIC operates on a self-sustaining basis at no net cost to American taxpayers. All OPIC projects adhere to high environmental and social standards and respect human rights, including worker's rights. By mandating high standards, OPIC aims to raise the industry and regional standards in countries where it funds projects.
OPIC services are available for new and expanding business enterprises in more than 160 countries worldwide. OPIC helps provide medium- to long-term funding through direct loans and loan guarantees to eligible investment projects in developing countries and emerging markets. By complementing the private sector, OPIC can provide financing in countries where commercial financial institutions are reluctant or unable to lend. Recognizing that businesses both large and small play an important role in developing nations, in recent years OPIC has made it a priority to work with American small businesses, which comprise, on average, 80 percent of projects supported by the agency. OPIC's Department of Small and Medium-sized Enterprise Finance offers qualified small businesses a streamlined approval process and direct loans from $100,000 to $10 million with terms from three to 15 years. While the eligible U. S. small business must own at least 25 percent of the overseas project, OPIC may be able to finance up to 65 percent of the total project cost.
OPIC has conducted more than a dozen small business workshops around the United States since 2006, educating nearly 1,600 business owners about OPIC products and services. OPIC's political risk insurance enables U. S. businesses to take advantage of commercially attractive opportunities in emerging markets, mitigating risk and helping them compete in a global marketplace. OPIC helps U. S. investors protect their investments in a variety of situations, including political violence, expropriation or other government interference, currency inconvertibility. OPIC provides support for the creation of owned and managed investment funds; these funds make direct equity and equity-related investments in new, expanding or privatizing emerging market companies. OPIC-supported funds help emerging market economies to access long-term growth capital, management skills, financial expertise, all of which are key factors in expanding economic development for people in developing nations. OPIC supports projects in a range of industries—from energy to housing and financial services.
It focuses on regions where the need is greatest and in sectors that can have the greatest developmental impact. OPIC has focused on projects that encourage the use of renewable resources, which represent not only an urgent global need but a significant investment opportunity. A current example is Project Salvador, a 70 megawatt-peak photovoltaic power plant in Chile, where solar power is economic without government subsidies due to the volume of solar irradiation in that country. Working with private energy companies Total and Etrion, OPIC provided 70% financing for the $200 million project. Another key priority is impact investing, which aims to produce positive social impacts while generating financial returns sufficient to make these projects sustainable. OPIC has committed to provide $1.5 billion to develop energy projects in Africa over the next five years, in support of President Obama's Power Africa initiative to double the number of people on the continent who have access to electricity.
The Power Africa initiative will help African countries develop more of their extensive energy resources, including oil and gas, hydro, wind and biomass, while building out power generation and transmission infrastructure. OPIC requires that its projects have a meaningful connection to the U. S. private sector. For financing, this means a U. S.-organized entity 25 percent or more U. S.-owned or a majority U. S.-owned foreign-organized entity. S. citizens, lawful permanent residents and U. S.-organized non-governmental organizations. OPIC does not support projects that negatively affect the U. S economy. OPIC projects must meet congressionally mandated requirements regarding protection of the environment, social impacts and safety; the guidelines and procedures are based in large part on environmental and social impact assessment procedures applied by organizations such as the World Bank Group, the European Bank for Reconstruction and Development, the Inter-American Development Bank and the U. S. Export-Import Bank.
Projects that are to have significant adverse environmental or social impacts are disclosed to the public for a comment period of 60 days. In the American effort to rebuild Europe following World War II, it became clear to policy makers that private investment is a powerful generator of economic development and that there is an appropriate role for government in encouraging private investment where it has the potential to do the most good. Accordingly, the Marshall Plan authorized the U. S. government to insure private U. S. investors against the risk that earnings generated overseas in foreign currencies might not be convertible into U. S. dollars. This new tool—political
Gerald Rudolph Ford Jr. was an American politician who served as the 38th president of the United States from August 1974 to January 1977. Before his accession to the presidency, Ford served as the 40th vice president of the United States from December 1973 to August 1974. Ford is the only person to have served as both vice president and president without being elected to either office by the United States Electoral College. Born in Omaha and raised in Grand Rapids, Ford attended the University of Michigan and Yale Law School. After the attack on Pearl Harbor, he enlisted in the U. S. Naval Reserve, serving from 1942 to 1946. Ford began his political career in 1949 as the U. S. representative from Michigan's 5th congressional district. He served in this capacity for the final nine of them as the House Minority Leader. In December 1973, two months after the resignation of Spiro Agnew, Ford became the first person appointed to the vice presidency under the terms of the 25th Amendment by President Richard Nixon.
After the subsequent resignation of President Nixon in August 1974, Ford assumed the presidency. His 895 day-long presidency is the shortest in U. S. history for any president who did not die in office. As president, Ford signed the Helsinki Accords. With the collapse of South Vietnam nine months into his presidency, U. S. involvement in Vietnam ended. Domestically, Ford presided over the worst economy in the four decades since the Great Depression, with growing inflation and a recession during his tenure. In one of his most controversial acts, he granted a presidential pardon to President Richard Nixon for his role in the Watergate scandal. During Ford's presidency, foreign policy was characterized in procedural terms by the increased role Congress began to play, by the corresponding curb on the powers of the President. In the Republican presidential primary campaign of 1976, Ford defeated former California Governor Ronald Reagan for the Republican nomination, he narrowly lost the presidential election to the Democratic challenger, former Georgia Governor Jimmy Carter.
Following his years as president, Ford remained active in the Republican Party. His moderate views on various social issues put him at odds with conservative members of the party in the 1990s and early 2000s. After experiencing a series of health problems, he died at home on December 26, 2006. Ford was born Leslie Lynch King Jr. on July 14, 1913, at 3202 Woolworth Avenue in Omaha, where his parents lived with his paternal grandparents. He was Leslie Lynch King Sr. a wool trader. His father was a son of Martha Alicia King. Gardner separated from King just sixteen days after her son's birth, she took her son with her to Oak Park, home of her sister Tannisse and brother-in-law, Clarence Haskins James. From there, she moved to the home of her parents, Levi Addison Gardner and Adele Augusta Ayer, in Grand Rapids, Michigan. Gardner and King divorced in December 1913, she gained full custody of her son. Ford's paternal grandfather Charles Henry King paid child support until shortly before his death in 1930.
Ford said that his biological father had a history of hitting his mother. In a biography of Ford, James M. Cannon, a member of the Ford administration, wrote that the separation and divorce of Ford's parents were sparked when, a few days after Ford's birth, Leslie King took a butcher knife and threatened to kill his wife, his infant son, Ford's nursemaid. Ford told confidants that his father had first hit his mother when she smiled at another man during their honeymoon. After living with her parents for two-and-a-half years, Gardner married Gerald Rudolff Ford on February 1, 1916. Gerald was a salesman in a family-owned varnish company, they now called her son Gerald Rudolff Ford Jr. The future president was never formally adopted and did not change his name until December 3, 1935, he was raised in Grand Rapids with his three half-brothers from his mother's second marriage: Thomas Gardner "Tom" Ford, Richard Addison "Dick" Ford, James Francis "Jim" Ford. Ford had three half-siblings from the second marriage of Leslie King Sr. his biological father: Marjorie King, Leslie Henry King, Patricia Jane King.
They never saw one another as children, he did not know them at all until 1960. Ford was not aware of his biological father until he was 17, when his parents told him about the circumstances of his birth; that year his biological father, whom Ford described as a "carefree, well-to-do man who didn't give a damn about the hopes and dreams of his firstborn son", approached Ford while he was waiting tables in a Grand Rapids restaurant. The two "maintained a sporadic contact" until Leslie King Sr.'s death in 1941. Ford said, "My stepfather was a magnificent person and my mother wonderful. So I couldn't have written a better prescription for a superb family upbringing."Ford was involved in the Boy Scouts of America, earned that program's highest rank, Eagle Scout. He is the only Eagle Scout to have ascended to the U. S. Presidency. Ford attended Grand Rapids South High School, where he was a star athlete and captain of the football team. In 1930, he was selected to the All-City team of the Grand Rapids City League.
He attracted the attention of college recruiters. Ford attended the University of Michigan, he washed dishes at his f
Alma mater is an allegorical Latin phrase for a university, school, or college that one attended. In US usage it can mean the school from which one graduated; the phrase is variously translated as "nourishing mother", "nursing mother", or "fostering mother", suggesting that a school provides intellectual nourishment to its students. Fine arts will depict educational institutions using a robed woman as a visual metaphor. Before its current usage, alma mater was an honorific title for various Latin mother goddesses Ceres or Cybele, in Catholicism for the Virgin Mary, it entered academic usage when the University of Bologna adopted the motto Alma Mater Studiorum, which describes its heritage as the oldest operating university in the Western world. It is related to alumnus, a term used for a university graduate that means a "nursling" or "one, nourished". Although alma was a common epithet for Ceres, Cybele and other mother goddesses, it was not used in conjunction with mater in classical Latin. In the Oxford Latin Dictionary, the phrase is attributed to Lucretius' De rerum natura, where it is used as an epithet to describe an earth goddess: After the fall of Rome, the term came into Christian liturgical usage in association with the Virgin Mary.
"Alma Redemptoris Mater" is a well-known 11th century antiphon devoted to Mary. The earliest documented use of the term to refer to a university in an English-speaking country is in 1600, when the University of Cambridge printer, John Legate, began using an emblem for the university's press; the device's first-known appearance is on the title-page of William Perkins' A Golden Chain, where the Latin phrase Alma Mater Cantabrigia is inscribed on a pedestal bearing a nude, lactating woman wearing a mural crown. In English etymological reference works, the first university-related usage is cited in 1710, when an academic mother figure is mentioned in a remembrance of Henry More by Richard Ward. Many historic European universities have adopted Alma Mater as part of the Latin translation of their official name; the University of Bologna Latin name, Alma Mater Studiorum, refers to its status as the oldest continuously operating university in the world. Other European universities, such as the Alma Mater Lipsiensis in Leipzig, Germany, or Alma Mater Jagiellonica, have used the expression in conjunction with geographical or foundational characteristics.
At least one, the Alma Mater Europaea in Salzburg, Austria, an international university founded by the European Academy of Sciences and Arts in 2010, uses the term as its official name. In the United States, the College of William & Mary in Williamsburg, has been called the "Alma Mater of the Nation" because of its ties to the country's founding. At Queen's University in Kingston and the University of British Columbia in Vancouver, British Columbia, the main student government is known as the Alma Mater Society; the ancient Roman world had many statues of the Alma Mater, some still extant. Modern sculptures are found in prominent locations on several American university campuses. For example, in the United States: there is a well-known bronze statue of Alma Mater by Daniel Chester French situated on the steps of Columbia University's Low Library. An altarpiece mural in Yale University's Sterling Memorial Library, painted in 1932 by Eugene Savage, depicts the Alma Mater as a bearer of light and truth, standing in the midst of the personified arts and sciences.
Outside the United States, there is an Alma Mater sculpture on the steps of the monumental entrance to the Universidad de La Habana, in Havana, Cuba. The statue was cast in 1919 by Mario Korbel, with Feliciana Villalón Wilson as the inspiration for Alma Mater, it was installed in its current location in 1927, at the direction of architect Raul Otero. Media related to Alma mater at Wikimedia Commons The dictionary definition of alma mater at Wiktionary Alma Mater Europaea website
The American University is a private research university in Washington, D. C, its main campus spans 90 acres near Ward Circle, a residential area in the northwest of the District. AU was chartered by the U. S. Congress in 1893 at the urging of Methodist bishop John Fletcher Hurst, who sought to create an institution that would promote public service and pragmatic idealism. AU broke ground in 1902, opened in 1914, admitted its first undergraduates in 1925. Although affiliated with the United Methodist Church, religious affiliation is not a criterion for admission. American University has eight schools and colleges: the School of International Service, College of Arts and Sciences, School of Business, School of Communication, School of Professional and Extended Studies, School of Public Affairs, School of Education, the Washington College of Law, it has over 160 programs, including 71 bachelor's degrees, 87 master's degrees, 10 doctoral degrees, plus J. D. LL. M. and S. J. D programs. AU's student body numbers over 13,000 and represents all 50 U.
S. states and 141 countries. The university is recognized as a second tier research institution by the Carnegie Classification of Institutions of Higher Education and is ranked 69th nationally by U. S. News & World Report. According to Foreign Policy, the School of International Service is globally ranked eighth for graduate programs and ninth for undergraduate programs, the School of Public Affairs is ranked 19th in the nation according to USNWR; the Washington College of Law placed 80th overall in USNWR rankings, 13th in its LL. M. program, 47th in the 2012 "Top 70 Law Faculties in Scholarly Impact" index, fourth in public interest. AU is a top producer of Fulbright Scholars, was one of only seven institutions in 2017 with more than one Truman Scholar, with two recipients; as of 2017, AU ranked first in Boren Scholars and Fellows, second in Udall Scholars, fourth in Presidential Management Fellows. Reflecting the school's founding emphasis on public and international service, 95 percent undergraduates participate in at least one internship, while 71 percent of students participate in study abroad, the ninth highest rate in the nation.
Among medium-sized schools, AU ranks second in the number of students serving in the Peace Corps and tenth for the most Teach for America volunteers. According to the Princeton Review, AU students rank first for most politically active and run the seventh most active student government in the country; the American University was established in the District of Columbia by an Act of Congress on December 5, 1892 due to the efforts of Methodist bishop John Fletcher Hurst, who aimed to create an institution that could train future public servants. Hurst chose the site of the university, which at the time was the rural periphery of the District. After more than three decades devoted principally to securing financial support, the university was dedicated on May 15, 1914, with its first instructions beginning October of that year, when 28 students were enrolled, 19 of whom were graduates and the remainder special students not candidates for a degree; the First Commencement, at which no degrees were awarded, was held on June 2, 1915.
The Second Annual Commencement was held the following year and saw the awarding of the first degrees: one master's degree and two doctor's degrees. AU was notable in admitting women and African Americans, uncommon in higher education at the time. Shortly after these early commencement ceremonies, classes were interrupted by war. During World War I, the university allowed the U. S. military to use some of its grounds for testing. In 1917, the U. S. military divided American University into Camp American University and Camp Leach. Camp American University became the birthplace of the United States' chemical weapons program and the site of chemical weapons testing. Camp Leach was home to advanced research and testing of modern camouflage techniques; as of 2014, the Army Corps of Engineers is still removing ordnance including mustard gas and mortar shells. Instruction was offered only at the graduate level, in accordance with the original plan of the founders; this changed in 1925 with the establishment of the College of Liberal Arts, which offered the first undergraduate degrees and programs.
What is now the School of Public Affairs was founded in 1934 to educate future federal employees in new approaches to public administration introduced by the New Deal. AU's relationship to the U. S. government continued during World War II, when the campus hosted the U. S. Navy Bomb Disposal School and a WAVE barracks. For AU's role in these wartime efforts, the Victory ship SS American Victory was named in its honor; the post-war period saw considerable growth and restructuring of AU. In 1947, the Washington Semester Program was established, pioneering the concept of semester-long internships in the nation's capital. In 1949, the university merged with the Washington College of Law, which had begun in 1896 as the first law school founded by women and the first coeducational institution for the professional study of law in the District. Shortly thereafter, three departments were reorganized as schools: the School of Busines
The New York Times
The New York Times is an American newspaper based in New York City with worldwide influence and readership. Founded in 1851, the paper has won more than any other newspaper; the Times is ranked 17th in the world by circulation and 2nd in the U. S; the paper is owned by The New York Times Company, publicly traded and is controlled by the Sulzberger family through a dual-class share structure. It has been owned by the family since 1896. G. Sulzberger, the paper's publisher, his father, Arthur Ochs Sulzberger Jr. the company's chairman, are the fourth and fifth generation of the family to helm the paper. Nicknamed "The Gray Lady", the Times has long been regarded within the industry as a national "newspaper of record"; the paper's motto, "All the News That's Fit to Print", appears in the upper left-hand corner of the front page. Since the mid-1970s, The New York Times has expanded its layout and organization, adding special weekly sections on various topics supplementing the regular news, editorials and features.
Since 2008, the Times has been organized into the following sections: News, Editorials/Opinions-Columns/Op-Ed, New York, Sports of The Times, Science, Home and other features. On Sunday, the Times is supplemented by the Sunday Review, The New York Times Book Review, The New York Times Magazine and T: The New York Times Style Magazine; the Times stayed with the broadsheet full-page set-up and an eight-column format for several years after most papers switched to six, was one of the last newspapers to adopt color photography on the front page. The New York Times was founded as the New-York Daily Times on September 18, 1851. Founded by journalist and politician Henry Jarvis Raymond and former banker George Jones, the Times was published by Raymond, Jones & Company. Early investors in the company included Edwin B. Morgan, Christopher Morgan, Edward B. Wesley. Sold for a penny, the inaugural edition attempted to address various speculations on its purpose and positions that preceded its release: We shall be Conservative, in all cases where we think Conservatism essential to the public good.
We do not believe that everything in Society is either right or wrong. In 1852, the newspaper started a western division, The Times of California, which arrived whenever a mail boat from New York docked in California. However, the effort failed. On September 14, 1857, the newspaper shortened its name to The New-York Times. On April 21, 1861, The New York Times began publishing a Sunday edition to offer daily coverage of the Civil War. One of the earliest public controversies it was involved with was the Mortara Affair, the subject of twenty editorials in the Times alone; the main office of The New York Times was attacked during the New York City Draft Riots. The riots, sparked by the beginning of drafting for the Union Army, began on July 13, 1863. On "Newspaper Row", across from City Hall, Henry Raymond stopped the rioters with Gatling guns, early machine guns, one of which he manned himself; the mob diverted, instead attacking the headquarters of abolitionist publisher Horace Greeley's New York Tribune until being forced to flee by the Brooklyn City Police, who had crossed the East River to help the Manhattan authorities.
In 1869, Henry Raymond died, George Jones took over as publisher. The newspaper's influence grew in 1870 and 1871, when it published a series of exposés on William Tweed, leader of the city's Democratic Party—popularly known as "Tammany Hall" —that led to the end of the Tweed Ring's domination of New York's City Hall. Tweed had offered The New York Times five million dollars to not publish the story. In the 1880s, The New York Times transitioned from supporting Republican Party candidates in its editorials to becoming more politically independent and analytical. In 1884, the paper supported Democrat Grover Cleveland in his first presidential campaign. While this move cost The New York Times a portion of its readership among its more progressive and Republican readers, the paper regained most of its lost ground within a few years. After George Jones died in 1891, Charles Ransom Miller and other New York Times editors raised $1 million dollars to buy the Times, printing it under the New York Times Publishing Company.
However, the newspaper was financially crippled by the Panic of 1893, by 1896, the newspaper had a circulation of less than 9,000, was losing $1,000 a day. That year, Adolph Ochs, the publisher of the Chattanooga Times, gained a controlling interest in the company for $75,000. Shortly after assuming control of the paper, Ochs coined the paper's slogan, "All The News That's Fit To Print"; the slogan has appeared in the paper since September 1896, has been printed in a box in the upper left hand corner of the front page since early 1897. The slogan was a jab at competing papers, such as Joseph Pulitzer's New York World and William Randolph Hearst's New York Journal, which were known for a lurid and inaccurate reporting of facts and opinions, described by the end of the century as "yellow journalism". Under Ochs' guidance, aided by Carr
Board for International Food and Agricultural Development (BIFAD)
The Board for International Food and Agricultural Development advises the United States Agency for International Development on issues concerning agriculture, Higher Education in developing countries, food insecurity. BIFAD was established by Title XII of the Foreign Assistance Act, both the BIFAD board and Title XII recognize the critical role of U. S. land-grant institutions in food and agricultural security and abroad. BIFAD consists of seven board members appointed by the White House, four of which must come from the US Academic community; the board's mission is to draw on higher educations's scientific knowledge to advise the U. S. international assistance efforts along with domestic efforts to end food insecurity. BIFAD was created by USAID under Title XII of the Foreign Assistance Act. Title XII itself was passed in Congress to address the global issues of food hunger. Title XII underlines in its main text the benefits to be gotten out of more involvement of US Universities in agriculture, the need for developing countries to have their own institutions and trained people to thrive and adapt to local needs, how more focus and efforts in agriculture can benefit both the US and the international scene.
BIFAD was tasked with the formulation of basic policy and criteria for project proposal review and monitoring, as noted in Foreign Assistance Act of 1961. BIFAD is the only presidentially appointed board that assists the Administrator of USAID in developing and implementing the official U. S. foreign assistance programs. BIFAD believes that current global challenges that face the international community in terms of poverty and food insecurity are, a current 800 million people suffering from chronic hunger, 2 billion people affected by micronutrient deficiency, 700 million people living in extreme poverty, the estimated growth in global population expected to reach 9.7 billion by 2050, with growth occurring disproportionately in Africa and Asia. Challenges facing the production of foodstuff include the threat of new strains of pathogens, dropping water tables, a changing climate. In order to solve these problems food production will have to increase with limited resources usage of land and water along with disease and insect resistant crops.
BIFAD is helping in the creation of new technologies that will help in sustaining long-term food security, with focus areas on genetics, food processing and resource conservation by advising USAID on how to act. Mark E. Keenum, president of Mississippi State University is BIFAD's current chairman, was chosen in 2018 by President Donald Trump to chair the BIFAD succeeding Brady Deaton. Prior to his appointment Dr. Keenum served as Under Secretary of the US Department of Agriculture for Farm and Foreign Agriculture Services and was appointed to the Foundation for Food and Agriculture Research. Additional postings include chairman of the Presidents United to Solve Hunger Steering Committee and served on the Feed the Future Evaluation Oversight Committee. Pamela K. Anderson became a board member of BIFAD in 2016. Before her appointment she served as Director General for the International Potato Center, served as Director for the Agricultural Development Program of the Bill and Malinda Gate Foundation, as a senior entomologist and coordinator of the Tropical Whitefly IPM Program at the International Center for Tropical Agriculture.
James M. Ash became a board member of BIFAD in 2016. Before his appointment he worked as a partner in the law firm Husch Blackwell LLP and served as Chair of the firm's Food and Agribusiness unit, He had overseen many mergers and acquisitions in the agribusiness industry. Waded Cruzado became a board member of BIFAD in 2016. Before her appointment she served as the Executive Vice President and Provost of New Mexico State University and served as Montana state University's 12th president. Brady J. Deaton became a board member of BIFAD in 2018. Before his appointment he served as chair of BIFAD from 2011-2018 Gebisa Ejeta became a board member of BIFAD in 2010. Before his appointment he served as the Executive Director of the Purdue Center for Global Food Security and continues to do so, served as a member of the Consultative Group for International Agricultural Research, he has taken part in numerous science and program review panels along with many research projects. Richard L. Lackey became a board member of BIFAD in 2018.
He is the CEO of the World Food Bank Inc. along with the Global Food Exchange Inc.. He has lots of experience with emergency medical response and medical missions. Clifton R. Wharton Jr. was appointed head of BIFAD in 1976 by President Gerald Ford where he served for 8 years. Before his appointment he served as president of Michigan State University and served as U. S. Deputy Secretary of State under President Bill Clinton and as Chairman ads CEO of TIAA-CREF. E. T. York passed away on Friday, April 15, 2011, he was former University of Florida vice president for agriculture and natural resources, executive vice president, interim president. E. T. York was appointed by President Jimmy Carter to the BIFAD board, he was reappointed by President Ronald Reagan, but this time as the chairman for BIFAD. He was chancellor emeritus of the State University system, worked with USAID on agriculture and food production in developing countries. William E. Lavery was appointed as chairman of BIFAD in 1987 by President Ronald Reagan and served for 3 years.
Before serving on BIFAD he was the 12th president of Virginia Tech. During this time he helped to move Virginia Tech in th
Internal Revenue Service
The Internal Revenue Service is the revenue service of the United States federal government. The government agency is a bureau of the Department of the Treasury, is under the immediate direction of the Commissioner of Internal Revenue, appointed to a five-year term by the President of the United States; the IRS is responsible for collecting taxes and administering the Internal Revenue Code, the main body of federal statutory tax law of the United States. The duties of the IRS include providing tax assistance to taxpayers and pursuing and resolving instances of erroneous or fraudulent tax filings; the IRS has overseen various benefits programs, enforces portions of the Affordable Care Act. The IRS originated with the Commissioner of Internal Revenue, a federal office created in 1862 to assess the nation's first income tax, to raise funds for the American Civil War; the temporary measure provided over a fifth of the Union's war expenses and was allowed to expire a decade later. In 1913, the Sixteenth Amendment to the U.
S. Constitution was ratified authorizing Congress to impose a tax on income, the Bureau of Internal Revenue was established. In 1953, the agency was renamed the Internal Revenue Service. Though the IRS brings in most of the revenue needed to fund the federal government, its resources have been cut year after year. In 2016 the American College of Tax Counsel wrote to the Congressional leadership stating, "We have watched the agency struggle with significant decreases in funding that have caused staffing and morale issues. In our practices, we have seen the negative impact this has had on our clients, the taxpayers."In the 2017 fiscal year, the IRS processed more than 245 million returns and collected more than $3.4 trillion in gross revenue, spending 34¢ for every $100 it collected. On June 28, 2018, Bloomberg News wrote, "The agency has been reeling from budget cuts; the current budget of $11.43 billion is less than in fiscal 2008, the IRS pared about 15 percent of its workforce over the past five years.
The enforcement staff has plunged by more than 25 percent since 2010."In the 2018 fiscal year, the U. S. federal government spent $779 billion more. It's estimated; the cutoff date taxes from 2017 filed in the 2019 tax season is March 25th. In fiscal year 2019 the IRS plans to cut an additional 2,200 employees. In July 1862, during the American Civil War, President Abraham Lincoln and Congress passed the Revenue Act of 1862, creating the office of Commissioner of Internal Revenue and enacting a temporary income tax to pay war expenses; the Revenue Act of 1862 was passed as temporary war-time tax. It copied a new British system of income taxation, instead of trade and property taxation; the first income tax was passed in 1862: The initial rate was 3% on income over $800, which exempted most wage-earners. In 1862 the rate was 3% on income between $600 and $10,000, 5% on income over $10,000. In 1864 the rate was 5% on income between $600 and $5,000. By the end of the war, 10% of Union households had paid some form of income tax, the Union raised 21% of its war revenue through income taxes.
After the Civil War, Reconstruction and transforming the North and South war machines towards peacetime required public funding. However, in 1872, seven years after the war, lawmakers allowed the temporary Civil War income tax to expire. Income taxes evolved, but in 1894 the Supreme Court declared the Income Tax of 1894 unconstitutional in Pollock v. Farmers' Loan & Trust Co. a decision that contradicted Hylton v. United States; the federal government scrambled to raise money. In 1906, with the election of President Theodore Roosevelt, his successor William Howard Taft, the United States saw a populist movement for tax reform; this movement culminated during candidate Woodrow Wilson's election of 1912 and in February 1913, the ratification of the Sixteenth Amendment to the United States Constitution: The Congress shall have power to lay and collect taxes on incomes, from whatever source derived, without apportionment among the several States, without regard to any census or enumeration. This granted Congress the specific power to impose an income tax without regard to apportionment among the states by population.
By February 1913, 36 states had ratified the change to the Constitution. It was further ratified by six more states by March. Of the 48 states at the time, 42 ratified it. Connecticut, Rhode Island, Utah rejected the amendment. Though the constitutional amendment to allow the Federal government to collect income taxes was proposed by President Taft in 1909, the 16th Amendment was not ratified until 1913, just before the start of the First World War. In 1913 the first edition of the 1040 form was introduced. A copy of the first IRS 1040 form, can be found at the IRS website showing that only those with incomes of $3,000 or more were instructed to file. In the first year after ratification of the 16th Amendment, no taxes were collected. Instead, taxpayers completed the form and the IRS checked the form for accuracy; the IRS's workload jumped by ten-fold. Professional tax collectors began to replace a system of "patronage" appointments; the IRS doubled its staff, but was still processing 1917 returns in 1919.
Income tax raised much of the money required to finance the war effort. In 1919 the IRS was tasked with enforcement of laws relating to prohibition of alcohol sales and manufacture.