The Long, Absurd History of U.S. Taxes — and Where We Go From HereIssue 11-13-17 |
"The Long, Absurd History of U.S. Taxes — and Where We Go From Here" (Bloomberg Businessweek, November 13–19, 2017) starts with the founding of America and methodically steps through time, showing how taxes evolved from nonexistent to substantial. The earliest system was based on tariffs on foreign trade. Wars and other triggering events gave rise to successive taxation schemes and finally the income tax. Dozens of revision to the income tax system have been made, but little has changed lately insofar as taxes in proportion to the overall economy. The article also provides a global comparison of rates and systems, including the value added tax (VAT), flat tax, and income tax.