Tax History Hr2

Episode Transcript

Speaker 1 (00:33):
Hello, my fellow Americans, and good day to our friends
around the world. This is a political talk show. Thanks
for being here, Thanks for being a part of the show,
Thanks for finding us out there on the internets. Whether
you're watching on YouTube or the podcast, you can find
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(00:53):
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Pop in WRMN or a political talk show, and sure
enough you'll find it. My suggestion is the the Google
pop it in over there. You'll definitely find some YouTube

(01:16):
live streams from WRMM. You'll find a political talk show
on your favorite podcasting platform. We're talking about taxes today
and we're going through the history of income tax back
when the country was first envisioned, the rules of the

(01:38):
game were first put together. We were talking about no
direct taxes. By a thing get taxed, Import a thing,
get taxed, export a thing, get taxed. Something to do
with commerce, because you have my money already tax them.

(02:06):
When you start talking about income tax, income is very
broad thing that you bring in. There are many different
ways that people make money through services, through goods, through interest,

(02:28):
through inheritance, all the different ways that money comes in
to you. So when they first put together the Constitution
and the founding fathers were talking about what they just left,

(02:54):
which was a wild man putting on whatever tax that
he wanted to, whenever he wanted to, in whatever decree
he felt like he should do it. Not saying that
that's happening now, I'm just saying that that's what was
happening then. That's what was happening then. And so before

(03:16):
the Civil War, before eighteen sixty one, it was primarily tariffs, commodities, goods, lands,

(03:36):
things of being involved in the commerce you're spending, the
money you get taxed when the money exchanges hands. First
federal income tax was introduced in eighteen sixty one. During
the Civil War. Well, of course needed money, America needed

(04:02):
money to fight. America was the Lincoln administration that enacted
the tax on personal income to raise funds. The Revenue
Act of eighteen sixty one imposed a flat tax. We'll
get to those terms later on in the hour, flat

(04:25):
tax of three percent on an annual income of eight
hundred dollars above. Now we can go into the arguments
of the flat tax versus progressive versus what we have now.
But a flat tax essentially is anything that is there
is three percent regardless, flat boom three percent. But at

(04:48):
the time, many citizens viewed the tax as a necessary
sacrifice for the Union's survival. The South held a lot
of the common a lot of the export import industry,
and at the time that's where a lot of the
United States got its money. In fact, if you're following

(05:11):
along playing at home, that's where all of it came from. Now,
some from the States if they had a few things
here that they needed to get money from. Again, the
Constitution Article one allows Congress to do that, so if
they did need money here or there. But this was

(05:33):
the first time that it was an actual income attached
to a tax rate. A year later, in eighteen sixty two,
the Revenue Act that replaced the eighteen sixty one law
was a progressive tax and was established in the Office

(05:57):
of the Commissioner of Internal Revenue. You've heard that before.
This Act laid the groundwork for a more structured tax system,
but was allowed to expire in eighteen seventy two as

(06:18):
the war ended and the public support waned. Seeing a
pattern about the public support, they let that go they
said here it was we don't have to pay this
income tax anymore. What happened well, post World War industrial boom,

(06:46):
that Gilded Age in eighteen seventy three, they created an
unprecedented wealth for a small elite because remember that progressive
tax was there, and what a progressive tax is is
as it goes up and dollar value more is taken out.

(07:14):
I'll tell you what. That was a great time, just
as any to go on fire off that commercial break,
and what we'll do when we come back. We'll talk
about the difference between flat and progressive because this next
bit of going into the Gilded Age from the eighteen
seventies to all the way to the nineteen thirteen when

(07:37):
we finally got the sixteenth Amendment, we'll talk about flat
versus progressive. And we'll wrap up the whole show talking
about what we have now, which will lead into tomorrow's
topic of how to file electronically through mail? What are
the systems that they take the mind from you? Or

(08:03):
you are so very lucky, maybe give you something more
a political talk show after this.

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Speaker 1 (11:40):
This is a political talk show here on WRMN. Welcome in,
appreciate that follow us on YouTube or out there on
the Facebook side. We're talking about taxes, flat, progressive, current taxes,
Founding Fathers, things like that. This is the second hour.

(12:02):
I'll go ahead to open up them phone lines eight
four seven, one, fourteen ten. I think I proved my
point about how the Founding Fathers believed that we shouldn't
have direct taxes directly coming into your pocket and pulling
it out. You do something, sure, participate in the system. Yeah,

(12:26):
we've got David T's on the line. Eight four seven,
nine three one, fourteen ten. If you want to jump in, Hello,
mister t's why are you good?

Speaker 5 (12:38):
Happy Monday?

Speaker 1 (12:40):
That's right, monetary Monday. Today, we've got ourselves the tax
day eve.

Speaker 5 (12:47):
Tax Day Tuesday, that's what we'll call it.

Speaker 1 (12:50):
That's it.

Speaker 5 (12:51):
Yeah, well I got a couple of dates number one
on the USSR thing. No, we're not gonna help them out.
We take care of ourselves.

Speaker 1 (12:59):
No, no, no. If you lived in the USSR, if you
lived in the USSR, would you give the USSR your
your money's as they were falling?

Speaker 5 (13:11):
Would I have a choice, Yeah, I guess, different tax structure.

Speaker 1 (13:17):
Yeah, but it's a race, right if like, let's let's
play a game here, like if it was the United
States and if the United States was on its way out,
I mean, it's a race between you and the i
R S at that point.

Speaker 6 (13:31):
Yeah.

Speaker 1 (13:32):
I do always recommend to follow all laws, both federal
and local.

Speaker 5 (13:38):
Yes, we do. We're supposed to do in this world.
You know, here's something that always got me taxes is
I believe that if you're active in the military, you
should not have to pay taxes nor your spouse because
you're you know, you're defending your country, your sacrificing your

(13:59):
life or your country. So therefore, I feel that active
military personnel should not and have not have to pay
taxes until they're done what they're to work duty.

Speaker 1 (14:10):
You know, just in the Navy, we tried to do
the math problem because you know, it's there of how
much of my tax goes back into my paycheck? Yeah,
was that side. But if they are on if they
are on duty as far as I believe, in the

(14:33):
war zones or in theater for anything, they do not
pay taxes in those while they're in those areas. So
if they are actively fighting in war, they do not
pay taxes. If they are back home at a desk
or in maintenance or just floating around in the Atlantic

(14:56):
Ocean cutting circles, yeah you pay taxes on those. But
if you're actively in theater, you do not pay taxes.

Speaker 5 (15:04):
Well that's kind of stupid because you're basically paying yourself
every time you wake up to go to work or
do Yeah, I mean, if you're ex there, but at
any given moment we could go there, something could happen,
you know. So I mean that's why I figure even
if they're not in war or you know, fighting combat
and all that stuff. Yeah, you're sitting at a desk,
but you're working for the military. That's about that should
be the perk you sure.

Speaker 1 (15:25):
Are, and shouldn't all the other government jobs have perks.
Why shouldn't that one?

Speaker 5 (15:31):
Yeah, I know, But I did my taxes on February,
a ute in the February, so I'm done.

Speaker 1 (15:37):
Oh good, you did both for the for you and
the business.

Speaker 5 (15:41):
Right, Yes, everything is done. Plus today or tonight, I'm
going to be doing my D twos. Do you know
what that is?

Speaker 7 (15:47):
No?

Speaker 1 (15:47):
What's that?

Speaker 5 (15:48):
Actually? I have to do it every quarter, and tomorrow
is the end of my quarter for G two's And
that is where you've got to report all of your
political financial reports to the Board of Elections. You have
to do yeah. So and if you don't, you get fired.

Speaker 1 (16:05):
Yeah, you get taxed harder.

Speaker 5 (16:07):
Yeah, they just take some of your money if you
don't get it in on time or if it's wrong,
you know, stuff like that. They funish you hard. But
is it. Yeah, in a way, it's kind of like
a tax. If you fail, it's a failure taxed out.

Speaker 1 (16:23):
Before I let you go. When's the next time that
you're firing up the grassroots election machine. I know you
had an event Saturday where it was just kind of
a meet and greet. Whoever is politically minded could go
to it. But what's the next time that that you
start firing up that uh, that election campaigning machine, you

(16:44):
start thinking about things.

Speaker 5 (16:46):
Well, actually they actually the wheels are in progress right now,
getting candidates and recruiting CANNIS, talking to people with grassroots
groups and along with us, both parties are doing it,
not just us, both parties are doing it. They're fighting
up their candidates for the next selection. So basically our
next grassrooms meeting will be thirty days from just last Saturday.

(17:07):
We're going to do it once a month on a Saturday,
and the next one is going to be at Danny's
on Douglas. I'm Alma posted probably at the same time,
six o'clock at nine o'clock, you know stuff like that.

Speaker 1 (17:18):
Oh it's a great place. I'll tell you if you
if you get over there, the pizza is fantastic. Mondays
is half off pizza, so today it's uh, it's half
off the pizza. But those cow zones, my friend, oh
my goodness. They take a ten inch pie folded in
half and fry that baby hmmm, I.

Speaker 5 (17:42):
Heard they're big.

Speaker 1 (17:44):
Oh yeah, that's why I called it a baby, because
it is. It is about the weight of one. Bring
a friend, Bring a friend if you're going to have
one of those cow zones. But man, the experience of it,
that's a that's a good place. Thanks a lot, mister Teas.
Thank you, guys, talk to you later.

Speaker 5 (18:02):
Bye bye.

Speaker 1 (18:02):
Hey, we got a couple other people hopping in here.
Eight four, seven, nine, three, one, fourteen ten. If you're
looking at jumping on, we are talking some taxes over here. Uh,
those of you waiting on the flat Progressive and Current
will do that at the bottom of the hour. Let's
take one more call for about five minutes. Hello caller,
Welcome aboard.

Speaker 8 (18:21):
Yeah, it's just the Dutchman.

Speaker 1 (18:23):
Hey Dutchman. What's happening, buddy.

Speaker 8 (18:26):
I'm just busy, just getting back. I'm getting my swing
of things back with my hips.

Speaker 1 (18:31):
So there you go. Oh yeah, are you standing on
it yet?

Speaker 8 (18:34):
Well, I've been standing on it. I've been driving a
little bit too, okay, stiff, So yeah, you know, it's
a tough thing. I'm I'm sitting here, listen. I got
a couple of things came to mind.

Speaker 1 (18:45):
Yeah, Okay.

Speaker 8 (18:46):
Number one, everybody in this country wants something from the government. Like,
you know, some people might like better healthcare, some people
might like better school system and pay for that some
people is my.

Speaker 1 (19:01):
Favorite, whether what police and fire are my favorite?

Speaker 8 (19:08):
Well, the point is you you with taxes, you pay
for that, all right, Okay, So here's here's the situation.
Every time somebody comes up with something new, we gotta
pay for this. We gotta pay for this healthcare, we
gotta pay for this, uh you know, new program to
help uh, you know, handicapped kids that we gotta pay.

(19:30):
Who's gonna pay for it? We are? Okay, So I'm
a big advocate for user fees. At some point we
may have to go to that. Europe and you know,
Germany and France, they at least Spain, they all have
a different way of taxing people, which is a lot more.
By the way, my aunt my uncle will pay through

(19:50):
the nose for their taxes every year. So because it's
a socialist type of run thing and you get what
you pay for, you know, basically, there's a lot of
problems with it. I won't get into it. But here's
the thing. Isn't isn't April fifteenth like a bribe day.
Aren't you bribing? Aren't you bribing to politicians by paying

(20:14):
a tax? Isn't dead? I mean I think I brought
that up once before, but don't you think that is?

Speaker 1 (20:19):
But we're we're enabling them, right is uh? If you're
get away with you get away with Shanada against it,
We're still going to fork over the money regardless. Like again,
I think that's a lot of where the people hold
the power, right, I mean, honestly, Congress holds the power
of the purse. But so do we imagine imagine this

(20:41):
And I'll take it from from a non illegal standpoint, right,
I don't want to encourage nobody to not pay taxes.
That's that's It's already been proven by the by all
the different court, Supreme Court, et cetera, et cetera, all
the way up. It is legal to pay taxes. You
have to pay them. So let's take it from just

(21:04):
an economic side. All these people that are protesting, right,
I think, what is it, sixty percent of the American
populist or somewhere around there only has about five hundred
dollars in their bank account. Most of them are living
paycheck to paycheck, et cetera, et cetera. Why don't they

(21:24):
all those majority of those people that are protesting, why
don't they all go to the bank and take their
money out?

Speaker 8 (21:32):
A good question. There's a lot of people I know
that I actually know people that don't believe in banks.

Speaker 1 (21:38):
So that's what I mean. Is if instead of having
a national March day, instead of having a national don't
buy things day, because you've got to buy things, you
got to do stuff, you got to feed yourself, commerce
and things are going to move, a national okay, no

(22:01):
money in our account day, a national run on the
bank's day. You want to really disrupt something, you want
to really know that. That's what I mean. So that's
what I mean. On the side for the federal government,
I think that's where you were walking too.

Speaker 8 (22:19):
Is well that was laying on the on the federal
government more than the local government. But you know, the
locals again, it's it's two different it's a two different
situations here because on the local government, you're paying for
local stuff. You're paying for you're paying for things to
get fixed. You know, less streets and the sidewalks and

(22:40):
trees made, and you know, the maintenance in downtown and
the maintenance. You're playing paying for the police and the
fire departments. And then you've got your capital budgets for
programs going on. And honestly, that that one there makes
makes more sense to us than it does the national one.
Although you know, I have him been a FEROEH employee, Okay,

(23:02):
I can tell you that we don't pay We don't
pay half as much in the program for the Parks
Service and the Forest Service and a BLM and all
these natural wonderers that everybody wants to go to but
don't want to pay for.

Speaker 1 (23:15):
Yeah, well they got to start charging tickets. I guess
that's the only way to do it.

Speaker 8 (23:20):
With a beef on this because he don't know how
much time it takes to take care of a place
like that, you know, from picking up the garbage to
to you know, search and rescue stuff from people that
just the graffiti and the and the maintenance is insane.
I I did it way back when, and it's really
bad now. And when I go traveling, I usually take

(23:42):
note of this stuff. Well, we should have a program
on this once, because I don't think the American public respects.
I don't think they respect these and like you.

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A solemn gathering.

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Speaker 1 (28:24):
Thirty four past the hour Here on a political talk
show WRMN, Elgentine, I should say seventeen thirty four. Appreciate
you being here. This is the last quarter, the last part,
half hour, etc. Etc. Last twenty four minutes or so

(28:45):
those of you playing at home, I appreciate you taking
this tax journey with me. I think at the end
of the day, what we all really want from taxes
is to get the things that we paid for. If
we assume roads, we assume police force, fire, municipal administration,

(29:17):
we all assume that those are things that our taxes
should be paying for efficiently. And then a tax code
that's easy to understand. So when we talk about the
different types of taxes, flat progressive. For what we've got here,

(29:39):
which it's kind of a mix between the two, we
want to make it to where it reflects that fairness.
You're not paying your fair share. I'm paying more of
an affected tax than you're paying and your write offs

(29:59):
or your affected tax or the progressive tax is too
high on this. But this side has this leverage in
these over here, this is where the simplest of all
of them, the flat tax, single tax rate all taxpayers,
doesn't matter if you make five dollars or five million dollars,

(30:21):
same thing. Although I'd hope they'd not tax your five dollars.
There should be a limit. The definition of a flat
tax system is a flat tax that imposes a single
tax rate on all taxpayers, regardless of income level. The

(30:47):
pros of it, why people like a flat tax is.
It's simple, it's transparent, you know what you're going to pay.
Flat taxes are easy to understand and administer. Taxpayers clearly
see what they owe, and governments face lower compliance and

(31:10):
enforcement costs. Did you make this thing? Here's the stuff,
easy formula, you don't need. I don't know IRS agents
in the hundreds of thousands. Economic growth incentives. Lower marginal

(31:35):
tax rates can encourage work, saving an investment, leading to
potential economic growth. That's from the Encyclopedia Britannica and from
the Montreal Economic Institute. Treating all taxpayers equally is viewed

(31:56):
as inherently fair. That doesn't matter. Everybody pays the same taxes.
I just made more than you. Well, we all pay
the same taxes. Critics argue that flat taxes can disproportionately
burden lower income earners, potentially worsening income inequality. That's from

(32:20):
the Institute on Taxation and Economic Policy. Flat taxes may
also yield less revenue than progressive systems, possibly leading to
the reduced public services, again from the Institute on Taxation

(32:41):
Economic Policy. And as we can see with the progressive tax,
it starts to go up as the number gets higher,
and that's where the revenue is more. The government makes
more money on a progressive tax, but with a flat tax.

(33:02):
Individual A who owns thirty thousand dollars a year pays
fifteen percent flat tax. That's four thousand, five hundred, leaving
twenty five thousand, five hundred dollars in their pocket. Individual
B earns three hundred thousand dollars a year, same fifteen percent,

(33:26):
forty five thousand dollars goes to the government, leaving them
two hundred and fifty five thousand dollars. The impacts on
the individual A are way heavier in terms of disposable
income that fifteen percent, while it still cuts the same

(33:51):
fifteen as individual B, who earns the three hundred thousand,
forty five four thousand, five hundred leaving out of your
pocket when you only make thirty thousand, it's quite a

(34:12):
bit on that disposable income side. So this is where
the progressive tax comes in. Oh, you got more money. Huh,
you got more quote disposable income. Yeah, that's income for
fun that's income that doesn't keep you alive. Disposable income

(34:35):
is everything else that doesn't cost you to just be
a person. I'm starting to calculate it. I think here
in America it costs almost about anywhere from ten to
thirty dollars a day to just be a person. An

(34:58):
upstanding individual who lives in a house, pays their taxes,
puts gas in their car. As a job, that costs
you to have a job. Right, progressive tax system is
where this disposable income is going to get pumped into

(35:20):
the definition of it is a progressive tax increase the
tax rate as income increases, placing a higher burden on
higher earners. Now, we talked about fairness in the last one,
but surely this is equitable and fair. And this is

(35:44):
where you turn around and you go, okay, well mine's fair.
Well I'm more fair. Well this is fair. That's fair
really depends on which side you're on. This aligns with
the obligations with the ability to pay each according to
their need, each according to their ability. This helps reduce

(36:13):
the income inequality. Higher tax rates for the top earners
fund public goods and social programs with that revenue generation
we were talking about the economic stabilization. Progressive taxes can

(36:36):
dampen economic boons and provide automatic relief during downturns. The
complexity is the multiple brackets and the disincentivization of keeping
your money here in the States if you are rich.

(37:00):
And I think that brings us to back the way
we were when we were talking about the Gilded Age. Now,
while the eighteen sixty one Revenue Act had a flat

(37:20):
tax of three percent for everything over eight hundred dollars,
a year later they replaced it with eighteen sixty two
with the Progressive tax. Immediately turned around and said, no, no, no, no.
I know we've never done this in history, but we

(37:42):
messed up the first time. Let's redo it with this one.
And when they ended it, when it's sundowned in eighteen
seventy two, that's where the post war industrial boone happened,
because again it was a progressive tax. Thank you, Jeff,
thanks for listening. I can't do it without you. Jeff

(38:06):
commenting over there on the YouTube channel, hop over there
if you can fifteen minutes left in the show, leave
a like, subscribe, share it with your friends. But what
we're talking about here is we had that boon of
post war industrialization because they got rid of all of

(38:26):
the income tax or whatever the Revenue Act was taking from,
which was essentially an income tax. Before the sixteenth Amendment,
more money went into the bottom because they didn't have
to pay anything out anymore. Now the very bottom, those
that made out under the eight hundred dollars, they already

(38:49):
had their money. Nothing changed on them. Same thing with
us here. I think it's twenty seven thousand dollars before
you have to actually start paying taxes. Hi Brennan, good
to see you. Thanks for sticking around for the whole program.
So that side of the taxation, when it's gone, the

(39:15):
people that were the middle class making that eight hundred
dollars or so had more money to spend, and anybody
who was affected by the progressive tax had more money
to industrialize and maybe buy new equipment or new things. So, yes,
it is there, just because you're creating that vacuum that

(39:36):
ebb and flow. Take it. Take the money, keep going. Okay,
let's see what we can get. Let's let's build our
stuff better. Okay, now that we've built everything better, let's
release those taxes back out. Now that we've balanced the budget,
now that we've made America better, we've actually used the

(39:57):
money we need to, let's tamper down that side. At
least that's the way the EBB and flow went before
money could influence politics a little bit more. Now that
EBB and flow is a recession, and instead of moving
money back to everyone as well, you know what, the

(40:21):
American government's finally efficient enough to operate on its own.
We no longer have any of these crazy wars. We're
no longer taking as much money in. Let's cut it
down and go. But again, that was one hundred years ago.
The rise of the populace and progressive movements reflected widespread

(40:45):
frustration many Americans believed that the wealthy were not paying
their fair share, especially as tariffs, which disproportionately affected the poor,
were the main source of federal revenue. This is where

(41:05):
the Sixteenth Amendment comes around. In eighteen ninety four, Congress
attempted to reintroduce that federal income tax, but the Supreme
Court ruled it unconstitutional again because of Article one, Section nine.

(41:27):
I have to look at my notes again. It's hard
to remember all of these. Yes, no capitation or other
direct tax shall be laid. Well, you know what, if
you are a good Supreme Court, you follow the Constitution,
and the Constitution says that way before the Sixteenth Amendment.

(41:52):
So if you want to change things in the Constitution,
what do you do? Well? You ratify an amendment. Sixteenth
Amendment Modern Income Tax, ratified in nineteen thirteen, granted Congress

(42:12):
the power to levy a federal income tax without going
through the states. That same year, Congress enacted a new
income tax with a modest of modest rate of one
percent on incomes over three thousand, and up to seven

(42:34):
percent for incomes above five hundred thousand. Initially, the income
tax affected a small fraction of Americans, less than one percent.
It was seen as a progressive reform that targeted the
wealthy and reduced reliance on regressive tariffs the poor. The

(43:05):
class of the poor buy more things. I know, I know,
it's hard to think about. Rich people buy more expensive
things and they're way less of them. Do you think

(43:32):
a company like Let's keep it in the same flavor
of the nineteen or the seventeen or eighteen whiskey, the
real tea that everyone fought over New England tea, do

(43:52):
you think that's supported more by the one percent or
do you think that's supported more by us down here
at the BM. Do you think that impact of that tariff,
of that import it's affected more by somebody who has
a few bottles here and there, single person who probably

(44:15):
doesn't drink the same lower level as you and I do.
Of those imported things, oh yeah, I'm not saying that
rich people don't import things, but they import a thing
few things. You and I, we are the consuming block

(44:37):
that they are using for the tariffs and for the taxes. Now,
I'll give it to you. The top earners do pay
more in taxes, but arguably they get more out of

(44:57):
this country. Those that have that larger side have workers
that need housing and municipalities and fire and safety and
education and the job creators. Right, nobody is self made,

(45:27):
but the job creators, the big ones, the ones that
are supposed to trickle it down. They need more road
than you and I do. I may need a couple
of highways, I might need a couple side streets here
and there, but that's what I need. Think about someone

(45:50):
who employs five thousand people, what's the acreage on that?
How many middle schools does that cover? And if the
people don't have their individuality in having those things and
having those systems, what good is a business and an anarchy?

(46:16):
What good is a business if you can't hire anybody
educated enough to read the manuals, anybody healthy enough to
pull the levers, anybody who has had enough to eat

(46:36):
and enough sleep, and enough recreation and enough life to
balance the work that you want to do. So business
owners great or small, have more burden on a society. Yeah, okay, sure,

(47:00):
the people have the biggest burdens on our Yes, the
people as as a big piece of people, as a
swath of the bye. But as a one single person,
one single taxpayer, one single individual, one single family, I

(47:22):
would love to have a middle school, I would love
to have fire and police and sewage and everything else.
And the individual makes the choice to participate or not.

(47:45):
So as World War One and especially World War Two
drastically expanded the income tax system, by the end of
World War II, the tax base had expanded to include
the majority of American workers. World War two, we finally
started pitching in in the lower and middle classes. But

(48:10):
during wartime patriotic appeals made income tax more palatable. Tax
payment as a civic duty. But as we've seen the
permanent expansion, there's nothing more permanent than a temporary solution.

(48:32):
We've all been there before. Quick, let me get that
twist tied real quick, so I can put that in there.
I'll come back for it.

Speaker 4 (48:40):
Ah.

Speaker 1 (48:40):
Well, you know what, I'll put the toilet paper over here,
because then I'll come back for this and that over there.
But the towel can go on this or the thing
can go over there. Let me just tape that real quick.
I'll come back. Nothing more permanent than a temporary solution.
And unless you put the end on it, unless you

(49:02):
turn around like they did in the eighteen hundreds and say,
look at the end. Ten years from now, we're going
to just say this law isn't there. We don't need it.
Postwar boom allowed for the expansion of the government programs
funded by the income taxes. Inflation hit during the nineteen

(49:29):
seventies led to that discontent. Many Americans felt overburdened, especially
the middle class. This period saw a rise of taxpayer
advocacy groups and increasingly increasing calls for tax relief and reform,
and then we get Reaganomics. Tax Reform Act of nineteen

(49:55):
eighty six was a landmark legislation that lowered the top
individual tax rate from fifty percent to twenty eight percent,
while eliminating many deductions and loopholes. So that was the
trade is, we will get rid of these deductions, these loopholes,

(50:21):
and then we will lower the overall. The reform was
initially popular, seen as making the system fairer and more efficient. However,
critics argued that it favored the wealthy and increase the deficits.
But since the nineteen nineties, income tax policy has been

(50:44):
a deeply polarized issue. The Bush tax cuts in the
early two thousands, the Obama era reforms, and the Trump
administration's Tax Cuts and Jobs Act of twenty seventeen. Reflecting
the shifting priorities and ideologies, tax policy has become a

(51:06):
battleground for broader debates about inequality, economic growth, government responsibility.
While some Americans champion lower taxes and limited government, others
advocate for progressive taxation to address the wealth disparities. Lots

(51:29):
of things out there in history. We know that the
federal founding fathers funded our future with tariffs. Is that enough,
F's for you? Is that what we can do now?
Probably not. We can't get rid of the taxes once

(51:52):
they're there. Nothing more permanent than a temporary solution when
it comes to the government's income, especially not now. That
we owe so much more money than we're actually paying out. Tomorrow,
we'll talk about all of the tech that surrounds filing

(52:13):
E filing have. Why can't we just have a single place.
Why do you have to go through all of these
different things, mailing systems? What are you supposed to file?
Different things? Like that tax day tomorrow? You still got
like twenty four hours. You can get it done and
in twenty two hours be back for another episode of

(52:34):
a political talk show.

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