Posts tagged “tax reform”
October 3, 2013
Exactly one hundred years ago today, President Woodrow Wilson signed the first federal income tax into law. Despite the opposition from the nation’s wealthiest, the new “progressive” tax reform was supported from coast to coast by state legislature and was given the final okay by Congress in 1913.
In an op-ed on Reuters, Sam Pizzigati, editor of Too Much and author of The Rich Don’t Always Win, and John Buenker, an emeritus professor of history at the University of Wisconsin-Parkside and author of The Income Tax and the Progressive Era, explain that these tax reforms created the middle class, supported the economy and industry, and changed the face of America.
“These high-tax years — for the rich — should have been a time of economic calamity. At least according to the critics of progressive income taxation. But real life proved these critics wrong. Commerce did not cease when the tax code levied steeply graduated rates on U.S.