About | HeinOnline Law Journal Library | HeinOnline Law Journal Library | HeinOnline
LOG IN
LOG IN

43 Ne. J. Legal Stud. 1 (2023)

handle is hein.journals/neastjol43 and id is 1 raw text is: Page 1 / Vol. 43 / Art. 1 / North East Journal of Legal Studies THE HISTORY AND POWER OF TAXATION IN AMERICA by Bernadeth Prentice* I. INTRODUCTION There was a tremendous shift in the U.S. tax system from the 18th to the 19th century.1 Between 1870 and 1912, the U. S. had no income tax, but this changed between 1913 and 1946; two World Wars and the Great Depression, as well as the advent of wage and payroll taxation and the growth of estate and corporation taxes, all wreaked havoc on the economy.2 By 1947, the U.S. economy had entered a new era marked by higher taxation and government spending for the foreseeable future. The highest marginal income tax rate was 66% from 1947 to 2000, and government taxes averaged about 18% of Gross Domestic Product.3 In addition, high marginal tax rates were levied on estate and corporation income by the federal government, and state-level taxes increased dramatically above previous years.4 Conversely, the two World Wars and the Great Depression seemed to be the catalyst for the genesis of taxation on taxpayers' income. The content of this historical perspective focuses on understanding the United States Government power of taxation *JD, LLM, JSD; Lecturer of Accounting, Legal Studies & Taxation, Koppelman School of Business at Brooklyn College of the City University of New York

What Is HeinOnline?

HeinOnline is a subscription-based resource containing thousands of academic and legal journals from inception; complete coverage of government documents such as U.S. Statutes at Large, U.S. Code, Federal Register, Code of Federal Regulations, U.S. Reports, and much more. Documents are image-based, fully searchable PDFs with the authority of print combined with the accessibility of a user-friendly and powerful database. For more information, request a quote or trial for your organization below.



Short-term subscription options include 24 hours, 48 hours, or 1 week to HeinOnline.

Purchase Access

Contact us for annual subscription options:

Contact Us

Already a HeinOnline Subscriber?

Log In

profiles profiles most