Another tax reform proposal is being debated in Congress. Some Republicans want to get rid of the federal estate tax, while others just want to lower the top rate paid by the wealthiest taxpayers. Some will settle for raising the estate tax to apply to larger estates (currently it's $5.5 million.)
We've talked about the idea of taxes, now we get down to brass tacks. 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? The History Doctor answers these and other taxing questions in this five-minute video below.
Whatever happened to "soaking the rich?"
Why do Americans feel so overtaxed? There are good reasons for this, which are not necessarily Congress' fault. Some taxes have been skyrocketing, while federal income taxes have actually been shrinking.
A third of Americans pay no income tax, but in the beginning, only the superrich paid anything at all. We look at why.
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