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Capitation taxes, also known as poll taxes, were initially created in the 1890s. Poll taxes are a fixed tax on individuals, regardless of income; voters must pay the tax before they are permitted to cast a ballot. These taxes were occasionally paired with literacy tests to prove qualification to vote. [3]
In 2009, the phrase "taxation without representation" was also used in the Tea Party protests, where protesters were upset over increased government spending and taxes, and specifically regarding a growing concern amongst the group that the U.S. government is increasingly relying upon a form of taxation without representation through increased ...
Tax rates were 3% on income exceeding $600 and less than $10,000, and 5% on income exceeding $10,000. [8] This tax was repealed and replaced by another income tax in the Revenue Act of 1862. [9] After the war when the need for federal revenues decreased, Congress (in the Revenue Act of 1870) let the tax law expire in 1873. [10]
The first issue amounted to 242 million dollars. This paper money would supposedly be redeemed for state taxes, but the holders were eventually paid off in 1791 at the rate of one cent on the dollar. By 1780, the paper money was so devalued that the phrase "not worth a Continental" became synonymous with worthlessness. [104]
The Second Continental Congress issued the Declaration of Independence on July 4, 1776. The Articles of Confederation were ratified in 1781 to form the Congress of the Confederation. Under the leadership of General George Washington, the Continental Army and Navy defeated the British military, securing the independence of the Thirteen Colonies.
Five editions of The Wealth of Nations were published during Smith's lifetime: in 1776, 1778, [11] 1784, 1786 and 1789. [12] Numerous editions appeared after Smith's death in 1790. To better understand the evolution of the work under Smith's hand, a team led by Edwin Cannan collated the first five editions.
Taxes on the British population increased during the war years, 1776–1783, and duties on some items such as glass and lead were also added, the average tax for the British public being four shillings in every pound (20 percent). [23] Furthermore, the Royal Navy was not able to 'rule the waves' as it had done in the Seven Years' War. [24]
Starting in 1776, the Congress sought to raise money by loans from wealthy individuals, promising to redeem the bonds after the war. The bonds were in fact redeemed in 1791 at face value, but the scheme raised little money because Americans had little specie, and many of the rich merchants were supporters of the Crown.