The Income Tax Is A War Tax - Ending The Income Tax Will Create A Lot of American Jobs.Submitted by zooamerica on Mon, 08/22/2011 - 20:16
The Income Tax...
In order to help pay for its WAR effort in the American Civil War, the United States government imposed its first personal income tax, on August 5, 1861, as part of the Revenue Act of 1861 (3% of all incomes over US $800; rescinded in 1872). Congress also enacted the Revenue Act of 1862, which levied a 3% tax on incomes above $600, rising to 5% for incomes above $10,000. Rates were raised in 1864. This income tax was repealed in 1872, but a new income tax statute was enacted as part of the 1894 Tariff Act.
The History Of Taxes In The U.S.
Income Tax 101
The plethora of taxes we pay today - federal income tax, alternative minimum tax, corporate tax, estate tax, FICA, and so on - didn't always exist.
America's first citizens enjoyed few to no taxes, and taxes were added, increased and occasionally (and often temporarily) repealed to give us the tax regime we have today. Let's explore the origins of some of the more common taxes we face today.
When Were Taxes Implemented?
Most of the taxes we pay today have been around for less than half of our country's history. One of the oldest is the estate tax, which was enacted in 1797, but was then repealed and reinstituted over the years, often in response to the NEED TO FINANCE WARS. The modern estate tax was implemented in 1916 and the gift tax came about in 1924.
The federal income tax was enacted in 1913, and corporate income taxes were enacted slightly earlier, in 1909.
1913? What a horrible year...The FED didn't waste any time getting into American wallets.
So how will eliminating the Income Tax help America's unemployment problem?
First, every American would have alot more money to spend this Christmas.
As a small business owner, I would immediately purchase equipment I need, and I would also hire at least 2 part time or 1 full time employees to help my business GROW.
I would literally re-invest my income tax savings into my business.
I just had to raise my prices (again) because it's hard to keep up with the demand. Labor and supplies are low because prices keep going up, but demand is high.
INFLATION - TOO MANY DOLLARS chasing too few goods and services (and employees). I WISH I could hire another employee right now, but I can't afford it because half of the money I earn is taken away from me and given to the government.
Small businesses employ 75-80% of American workers. Corporations and government employees make up the rest.
END THE WARS, AND END THE INCOME TAX TOO!