Providing viewers with the histy they will need to understand the upcoming taxation debate.
From the Boston Tea Party to the Whiskey Rebellion, 18th century America was home to a series of tax revolts, as citizens fought to protect their constitutional rights to 'life, liberty and the pursuit of happiness.', 18th century America faced tax revolts like the Boston Tea Party and Whiskey Rebellion over rights to life, liberty, and happiness.
In the 19th century, disagreements over import taxes split north and south, leading Lincoln to enact the first federal income tax and create the IRS., Throughout the 19th century, bitter disagreements over import taxes divided north from south. To pay for the Civil War, Lincoln enacted the first federal income tax and established what would become one of the most powerful government agencies: The IRS.
The 1913 Income Tax altered taxpayer-government relations. During Prohibition, the Depression, and wars, citizens funded a growing federal government., The Income Tax of 1913 fundamentally changed the relationship between taxpayers and the government. Through Prohibition, the Depression and two World Wars, Americans were called upon to finance an ever-growing federal government.
The 1960s and 1980s are two decades associated with economic good times, and both featured presidents who believed in cutting taxes. Ronald Reagan's 'Supply Side Revolution' is rooted in policies advocated by John F. Kennedy., The 1960s and 1980s had economic growth under presidents who supported tax cuts, with Reagan's policies rooted in Kennedy's ideas.
With an economy that is increasingly mobile, high net worth individuals and companies are already moving from high tax states to low tax states. And as President Biden promises higher taxes to help pay for new social programs, how will taxpayers react?, Wealthy individuals and companies move to low-tax states. With rising taxes under Biden, taxpayer reactions are uncertain.
