Taxes Have Consequences: An Income Tax History of the United States
Taxes Have Consequences: An Income Tax History of the United States As seen on Kudlow on the FOX Business Network!The definitive history of the effect of the income tax on the economy.Ever since…
Specifikacia Taxes Have Consequences: An Income Tax History of the United States
Taxes Have Consequences: An Income Tax History of the United States
As seen on Kudlow on the FOX Business Network!The definitive history of the effect of the income tax on the economy.Ever since 1913, when the United States first imposed the income tax via constitutional amendment, the top rate of that tax has determined the fate of the American economy. Huge declines have come to the economy in these circumstances. When the top rate has been high, as in the late 1910s, the 1930s, 1940s, 1950s, and 1970s, the response of those with money and capital has been to curtail real economic activity in favor of protecting assets and income streams.
When the top tax rate has been cut and held at reduced levels--as in the 1920s, the 1960s, in the long boom of the 1980s and 1990s, and briefly in the late 2010s--astonishing reversals have occurred. The most brutal example was the Great Depression itself. The rich have brought their