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A narrower view of the theory of taxation reduces the system to two issues: who can pay and who can benefit (Benefit principle). Influential theories have been the ability theory presented by Arthur Cecil Pigou [2] and the benefit theory developed by Erik Lindahl. [3][4] There is a later version of the benefit theory known as the "voluntary ...
Before 1776, the American Colonies were subject to taxation by Great Britain and also imposed local taxes. Property taxes were imposed in the Colonies as early as 1634. [147] In 1673, the English Parliament imposed a tax on exports from the American Colonies, and with it created the first tax administration in what would become the United ...
The history of taxation in the United States begins with the colonial protest against British taxation policy in the 1760s, leading to the American Revolution. The independent nation collected taxes on imports ("tariffs"), whiskey, and (for a while) on glass windows. States and localities collected poll taxes on voters and property taxes on ...
Henry George (September 2, 1839 – October 29, 1897) was an American political economist and journalist. His writing was immensely popular in 19th-century America and sparked several reform movements of the Progressive Era. He inspired the economic philosophy known as Georgism, the belief that people should own the value they produce ...
In order to help pay for its war effort in the American Civil War, the United States government imposed its first personal income tax, on August 5, 1861, as part of the Revenue Act of 1861. 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 [ 8 ] This tax was repealed and replaced by another ...
Voluntary taxation. Voluntary taxation is a theory that states that taxation should be a voluntary act. Under the theory, people should have the option to pay taxes instead of being forced to pay taxes by their government. Under this theory, the people would control how much they pay and where they spend it.
In economics, the Laffer curve illustrates a theoretical relationship between rates of taxation and the resulting levels of the government's tax revenue. The Laffer curve assumes that no tax revenue is raised at the extreme tax rates of 0% and 100%, meaning that there is a tax rate between 0% and 100% that maximizes government tax revenue. [a ...
No matter what the tax rates have been, in postwar America tax revenues have remained at about 19.5% of GDP. [3] Hauser cited Arthur Laffer's concept of the Laffer curve in his original article. While the two concepts are similar, Hauser's law was put forward as an empirical observation whereas the Laffer curve is a theoretical argument. [3]