What’s the history of taxes in our country, and when did the federal income tax begin? How much of our government’s revenue is derived from taxes? How will the new Tax Cuts and Jobs Act impact your taxes, and does it go far enough in reforming the tax code? The answers to these questions and more may surprise you!
During the months of March and April, Policy Circles will be discussing Taxes as part of our Year of Conversation theme, the Ins & Outs of Economics.
Whether you’ve been following the recent passage of the new tax law, or you’re getting ready to file your taxes, the Policy Circle’s recently updated Taxation Brief is a timely read and a great choice for circles who want to dig deeper and learn more about this important topic. Taxes affect all of us, and they’ve been a controversial topic since the founding of America. For example, did you know that enacting a federal income tax required an amendment to the Constitution?
Included in the brief is the history of taxation in the U.S., an overview of different kinds of taxes, and implications of the 2017 tax reform law. It also sparks discussion of what the government’s role should be in raising revenue and how taxes impact our economic activity. The Tax Foundation and the Mercatus Center, cited in the brief, are two great outside organizations to look to for additional information as well. If you want to brush up on taxes or your circle is interested in tackling this topic for an upcoming meeting, be sure to take a look at the revamped Taxation Brief…and happy tax season, and take a closer look at you property tax bill!
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