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During the war far more revenue was needed, so the rates were raised again and again, along with many other taxes such as excise taxes on luxuries and income taxes on the rich. [64] By far most of the wartime government revenue came from bonds and loans ($2.6 billion), not taxes ($357 million) or tariffs ($305 million).
The silverites argued that using silver would inflate the money supply and mean more cash for everyone, which they equated with prosperity. The gold advocates countered that silver would permanently depress the economy, but that sound money produced by a gold standard would restore prosperity. 1896 GOP posters warn against free silver.
During the war far more revenue was needed, so the rates were raised again and again, along with many other taxes such as excise taxes on luxuries and income taxes on the rich. [30] By far most of the wartime government revenue came from bonds and loans ($2.6 billion), not taxes ($357 million) or tariffs ($305 million).
The Civil War Income Tax and the Republican Party, 1861–1872. (New York: Algora Publishing, 2010) excerpt; Stabile, Donald. The Origins of American Public Finance: Debates over Money, Debt, and Taxes in the Constitutional Era, 1776–1836 (1998) excerpt and text search; Thorndike, Joseph J. Their Fair Share: Taxing the Rich in the Age of FDR.
There were two major tax cuts: The Economic Recovery Tax Act of 1981 and the Tax Reform Act of 1986. The tax cuts popularized the now infamous phrase "trickle-down economics" as it was primarily used as a moniker by opponents of the bill in order to degrade supply-side economics, the driving principle used to promote the tax cuts.
However, after the Union defeat at the First Battle of Bull Run in July, Congress passed the Revenue Act of 1861, which imposed the first federal income tax in U.S. history. The act created a flat tax of three percent on incomes above $800 ($27,100 in current dollar terms).
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The pillars of Reagan's economic policy included increasing defense spending, balancing the federal budget and slowing the growth of government spending, reducing the federal income tax and capital gains tax, reducing government regulation, and tightening the money supply in order to reduce inflation. [7] The results of Reaganomics are still ...