Income taxes were first levied to pay for the Civil War. After the Civil War, personal income taxes were abolished and there were basically no income taxes from 1868 to 1913. Taxes on liquor and tobacco were the chief sources of revenue for the Federal government. To fund the U.S. participation in World War I, [...]
Entries Tagged as 'voodoo economics'
July 16th, 2010 · Comments Off · Capitalism, Politics, Populism, Wall Street
Here’s what “Voodoo Economics” is all about. Voodoo Economics refers to a theory put forth by economist Arthur Laffer in 1980…and perhaps remains his personal approach…that says that when you cut taxes the economic benefits that will accrue from that greater spending capacity will so greatly increase the domestic output that the resulting taxes will [...]