re: Repeal, repeal ,repeal...

Columbus OH

Description

VERY CREATIVE. NOT BASED ON FACTS. The French and Indian War ended in 1763. It was between the colonies and France. Any taxes before the US was formed would not be collected any more. [][][][][] The United States "Revenue and Expenditure Control Act of 1968" created a temporary 10 percent income tax surcharge on both individuals and corporations through June 30, 1969 to help pay for the Vietnam War. As a result of the tax, the Federal Government had a budget surplus in 1969 which would be the last until 1998. They decided to require several kinds of taxes from the colonists to help pay for the French and Indian War. These taxes included the Stamp Act, passed in 1765, which required the use of special paper bearing an embossed tax stamp for all legal documents. The Korean War induced Congress to reimpose an excess profits tax, effective from 1 July 1950 to 31 December 1953. The tax rate was 30 percent of excess profits with the top corporate tax rate rising from 45% to 47%, a 70 percent ceiling for the combined corporation and excess profits taxes.