Taxes

Texas has no income

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Texas has no income tax, which is a big draw for corporate executives who do business there. But it’s hardly tax-free. The property taxes are high for a Southern state. The sales taxes are high. One study found that the bottom 20 percent of the Texas population pays 12 percent of its income in state … Read more

Now my poor hometown

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Now my poor hometown is being castigated as the center of an IRS scandal. Humble workers at the Cincinnati office targeted Tea Party groups and other conservative organizations for special scrutiny when those groups applied for tax-exempt status. There’s no conceivable excuse for that. It was deeply, deeply wrong. Gail Collins

In the North, neither

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In the North, neither greenbacks, taxes, nor war bonds were enough to finance the war. So a national banking system was created to convert government bonds into fiat money, and the people lost over half of their monetary assets to the hidden tax of inflation. In the South, printing presses accomplished the same effect, and … Read more

During the fiscal year

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During the fiscal year ending in 1861, expenses of the federal government had been $67 million. After the first year of armed conflict they were $475 million and, by 1865, had risen to one billion, three-hundred million dollars. On the income side of the ledger, taxes covered only about eleven per cent of that figure. … Read more