Wednesday, May 22, 2013

Death to Taxes









Americans were never meant to be taxed out of prosperity, or crushed under the weight government debt. The greedy hand of government and ignorance have slowly eroded the Nation our Founding Fathers fought to create.

Tariffs (Import & Export taxes) were the main source of all Federal revenue until 1914. When the people were prosperous (and business thrived) imports and exports increased, and so did government income. Government income was determined by the prosperity of the people!

However, in 1913 the federal income tax was implemented to help finance WWI. At that time, the marginal tax rate was 1% on income of $0 to $20,000, 2% on income of $20,000 to $50,000, 3% on income of $50,000 to $75,000, and so on. BUT, when WWI was over,...they simply "forgot" to repeal income tax. Then, the real problems started...

The modern estate tax was implemented in 1916 and the gift tax came about in 1924. Corporate Income taxes were first enacted in 1909, and shortly after, the federal income tax in 1913.

The 1920s and '30s saw the creation of multiple taxes. Sales taxes were enacted first in West Virginia in 1921, then in 11 more states by 1933, and 18 more states by 1940. As of 2010, Alaska, Delaware, Montana, New Hampshire and Oregon are the only states without a sales tax. President Franklin Roosevelt signed the Social Security Act in 1935 and Social Security taxes were first collected in January 1937.

Sales taxes, gasoline taxes, cigarette and alcohol taxes, energy taxes, aviation taxes, property taxes, capital gains taxes, telecommunications taxes, federal and state income taxes,..it's almost never-ending. The Tax Foundation calculated that in 2009, Americans on average had to work through April 11 just to earn the amount of money they would pay in taxes over the course of the year, better known as Tax Freedom Day (this year it's on April 18th)

Today, Americans pay some of the highest taxes in the World.
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