From the Boston Tea Party to the Whiskey Rebellion, 18th century America was home to a series of tax revolts, as citizens fought to protect their constitutional rights to 'life, liberty and the pursuit of happiness.'
Throughout the 19th century, bitter disagreements over import taxes divided north from south. To pay for the Civil War, Lincoln enacted the first federal income tax and established what would become one of the most powerful government agencies: The IRS.
The Income Tax of 1913 fundamentally changed the relationship between taxpayers and the government. Through Prohibition, the Depression and two World Wars, Americans were called upon to finance an ever-growing federal government.
The 1960s and 1980s are two decades associated with economic good times, and both featured presidents who believed in cutting taxes. Ronald Reagan's 'Supply Side Revolution' is rooted in policies advocated by John F. Kennedy.
With an economy that is increasingly mobile, high net worth individuals and companies are already moving from high tax states to low tax states. And as President Biden promises higher taxes to help pay for new social programs, how will taxpayers react?
