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Merlo
Merlo, Accountant
Category: Tax
Satisfied Customers: 9783
Experience:  25+ years tax consulting. Specializing in returns for US citizens living abroad
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I was told that congress passed a law about 1923 that ...

Customer Question

I was told that congress passed a law about 1923 that stipulated that once a citizen paid his taxes in full on income for that year, he would be exempt from disclosure about the source of the income. Is this so and what is the citation?
Submitted: 8 years ago.
Category: Tax
Expert:  Merlo replied 8 years ago.

HelloCustomer

I believe you may be referring to the Revenue Act of 1924.

As part of that act, Senate Republicans accepted a House provision to make income tax returns available for public inspection. In conference, however, party leaders managed to limit inspection to congressional committees and state officials, with full public disclosure only upon order of the president. The provision still rankled most Republicans, as well as their wealthy supporters. While full disclosure was rejected, a publicity provision directed the Bureau of Internal Revenue to publish annual lists of taxes paid by all income tax filers. Such lists became a popular feature in newspapers across the country.

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Customer: replied 8 years ago.
Reply to Merlo's Post: Is this provision of the tax code still valid. Does the president ever order disclosure?

Thank you.
Expert:  Merlo replied 8 years ago.

Hello againCustomer

Public disclosure is currently only mandatory for certain public charities. This mandate was issued as part of the Taxpayer Bill of Rights in 1996. The president can by executive order still mandate the public disclosure of a tax return, however, it would only be used in very limited and extreme circumstances.

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