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Monday, April 17, 2017

Tax Day falls on April 18, 2017. That's the deadline for filing taxes on income earned in 2016. Usually, April 15 is the day taxes are due, but in 2017, that falls on a Saturday. And on Monday, the District of Columbia celebrates Emancipation Day, which is normally April 16, but that's a Sunday. Emancipation Day affects taxes the same way federal holidays do. Therefore, the tax deadline is pushed out to the following Tuesday, April 18, giving taxpayers three extra days to file their returns.

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Today's Random Fact:

The U.S. didn't institute an income tax until the time of the Civil War, as a temporary measure. It took the Sixteenth Amendment, ratified in 1913, to make it possible for the federal government to tax individuals directly.

But the story of tax day doesn't end there. In 1954, Congress passed nearly 1,000 pages of revision to the Internal Revenue Code. In it, Tax Day would be moved from March 15 to April 15, giving the taxpayer an extra month to recover from Christmas expenses.

Bonus Fact:

The federal tax code is now 74,608-page-long. It is 187 times longer than it was a century ago.

From 2010, when Obamacare was passed, to 2014, the tax code grew by nearly 3,000 more pages.

If the tax code continues to grow at the same pace it did over the last century, it will pass 100,000 pages in 2050.

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