Congress passed a tax bill in December 2017 that did several things for you if you have a great deal of taxable wealth. For example, the estate tax now only applies to larger estates of more than $10 million. It used to be $5.6 million.
Oil magnate John D. Rockefeller is either the richest American, or one of the the richest, of all time.
We’ve talked about the idea behind all taxes; here we focus on income taxes. How did the U.S. get an income tax to begin with? And whose idea was it to “soak the rich”? What’s the highest tax rate ever paid in US history and what was the first tax rate assessed by Congress? Which tax was actually welcomed by millionaires? The History Doctor answers these and other taxing questions in short video below.
Whatever happened to “soaking the rich?”
Why do Americans feel so overtaxed? There are good reasons for this, which are not necessarily the fault of Congress.
A third of Americans pay no income tax, but in the beginning, only the superrich paid anything at all. We’ll let you in on the history of income and estate taxation.
Did you enjoy this post? Please share with a friend, and follow our Facebook page.