Wednesday, March 8, 2017

A History of Taxes in America

Property Tax Reduction Consultants
125 Jericho Turnpike, Suite 500 
Jericho, NY 11753
(516) 484-0654 or (631) 484-0654

American Taxes | Tax Reductions

Taxes are a major part of this countries framework and history and they are as old as the nation itself. In fact, they created this country and fueled the revolution that would set it free. Since then, there have been taxes added on both the state and federal level, but also others that have been taken away. With a new President now in office, there are certainly more changes to come, and the tax landscape will evolve just as it has since the birth of the United States. 

When Were Taxes Implemented?
Out of the taxes we still pay today, the Estate tax is by far the oldest. It was implemented in 1797, but it has been repealed and reinstated multiple times throughout the years based on the current state of the nation. In addition to the Estate Tax, we had the Gift Tax implemented in 1924 and Federal Income Tax in 1913. But the 1920's and 1930's were BIG for tax reform. We saw the implementation of Sales Tax in 1921, Social Security Tax in 1935 and numerous others during the closing years of the Great Depression.
Tax Rates Through the Years 
The tax that best represents the big picture is Federal Income Tax. Since being implemented in 1913, the tax has seen major shifts depending on war funding and other external factors. In the beginning, the tax was broken down into brackets based on income so 1% for income $0-$20,000, 2% for $20,000- $50,000 and so on and so forth. This did not come with a filing status like it does today for single or married taxpayers. But in 2009 compared to 1913, the average tax rate rose to almost 35% compared to just an average of 4% in 1913. Quite the difference!  
Tax Challenges Through the Years
Now we are getting down to our bread and butter-- the tax challenges throughout our history. The nation took a turn and made Great Britain notice them when they hurled boxes of tea into Boston Harbor in protest of the tax on tea. Later on in our history, Pennsylvanians refuted the tax on whiskey during the Whiskey Rebellion of 1791. Today however, you can refute your taxes peacefully by filing a grievance with P.T.R.C. Inc. We won't be lighting any fires or destroying any offices, but our process is tried and true and we have earned millions in reductions for our clients throughout the years. 

If you have any questions about how to file a tax grievance in Nassau County, call 516-484-0654 or fill out your application here!  

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