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A Brief History of the American Tax System

Buckle up everyone, because this is our most exhilarating episode yet! In which Dan Nuwash provides a brief history over the American tax system!

Dan Nuwash is the Founder and Managing Partner of Finance For Thought and can be reached through our website.

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Disclosures:
TAX- To the extent that this material concerns tax matters, it is not intended or written to be used, and cannot be used, by a taxpayer for the purposes of avoiding penalties that may be imposed by law. Each tax payer should seek tax, legal or accounting advice from a tax professional based on his/her individual circumstances.

TAXES- This material is for informational purposes only. Neither Finance For Thought, FFT nor its Representatives provide tax, legal or accounting advice. Please consult your own tax, legal or accounting professional before making any decisions.

Sources:

https://www.treasury.gov/resource-center/faqs/Taxes/Pages/historyrooseveltmessage.aspx

https://www.investopedia.com/articles/tax/10/history-taxes.asp

https://www.investopedia.com/terms/a/alternativeminimumtax.asp

https://en.wikipedia.org/wiki/History_of_taxation_in_the_United_States

https://en.wikipedia.org/wiki/File:Federal_taxes_by_type.pdf

https://upload.wikimedia.org/wikipedia/commons/e/e0/Federal_taxes_by_type.pdf

https://www.loc.gov/rr/business/hottopic/irs_history.html

https://www.history.com/news/why-we-pay-taxes

https://history.state.gov/milestones/1776-1783/declaration

https://en.wikipedia.org/wiki/American_Revolution

https://en.wikipedia.org/wiki/Boston_Tea_Party

https://en.wikipedia.org/wiki/American_Revolutionary_War

https://www.taxpolicycenter.org/briefing-book/what-are-sources-revenue-federal-government#:~:text=Federal%20Budget,-1%2F4%3E&text=Budget%20and%20Economy-,What%20are%20the%20sources%20of%20revenue%20for%20the%20federal%20government,from%20a%20mix%20of%20sources.

https://www.jct.gov/publications.html?func=select&id=6

https://www.whitehouse.gov/omb/historical-tables/

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https://www.usinflationcalculator.com/

https://www.theatlantic.com/magazine/archive/2019/04/why-americans-dont-cheat-on-their-taxes/583222/

$10,000 in 1862 → 2021 | Inflation Calculator (in2013dollars.com)

Historical Highlights of the IRS | Internal Revenue Service

Income Tax Records of the Civil War Years | National Archives

https://taxfoundation.org/federal-tax-revenue-source-1934-2018/#per

https://www.investopedia.com/articles/tax/10/history-taxes.asp

https://en.wikipedia.org/wiki/Bush_tax_cuts#:~:text=The%202001%20act%20and%20the,for%20nearly%20all%20U.S.%20taxpayers.

https://en.wikipedia.org/wiki/Economic_Growth_and_Tax_Relief_Reconciliation_Act_of_2001

https://taxfoundation.org/summary-latest-federal-income-tax-data-2018-update/#:~:text=The%20top%201%20percent%20paid,50%20percent%20(3.7%20percent).

https://www.ntu.org/foundation/tax-page/who-pays-income-taxes

https://www.ntu.org/foundation/tax-page/who-pays-income-taxes-2013

https://www.ntu.org/foundation/tax-page/who-pays-income-taxes-2013

https://www.ntu.org/foundation/detail/who-pays-income-taxes-2016

https://taxfoundation.org/summary-latest-federal-income-tax-data-2018-update/#:~:text=The%20top%201%20percent%20of%20taxpayers%20paid%20roughly%20%24538%20billion,percent%20of%20all%20income%20taxes.

https://taxfoundation.org/summary-of-the-latest-federal-income-tax-data-2020-update/

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https://fortunly.com/statistics/us-gdp-by-year-guide/

https://corporatetax.procon.org/federal-corporate-income-tax-rates/

https://tradingeconomics.com/united-states/corporate-tax-rate

https://delawarelibertarian.blogspot.com/2012/06/milton-friedman-withholding-tax-too.html