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Ep. 90 | The History of Taxes
Manage episode 426788791 series 3095761
Inhoud geleverd door Teaching Tax Flow, Chris Picciurro, and John Tripolsky. Alle podcastinhoud, inclusief afleveringen, afbeeldingen en podcastbeschrijvingen, wordt rechtstreeks geüpload en geleverd door Teaching Tax Flow, Chris Picciurro, and John Tripolsky of hun podcastplatformpartner. Als u denkt dat iemand uw auteursrechtelijk beschermde werk zonder uw toestemming gebruikt, kunt u het hier beschreven proces https://nl.player.fm/legal volgen.
In this enlightening episode of the Teaching Tax Flow podcast, hosts John and Chris delve into the history of U.S. taxes, providing a timely reflection given the Independence Day holiday. Episode 90 offers a fascinating journey through the evolution of the U.S. tax system, from its early introduction during the Civil War era to the complexities of the current Tax Cuts and Jobs Act (TCJA) of 2017. The conversation also touches upon the future of tax policies with looming elections, making it a must-listen for anyone keen on understanding how past and present tax laws impact future strategies.
The hosts begin by setting the historical stage, explaining how the U.S. Constitution granted Congress the power to levy taxes and highlighting the Revenue Act of 1861, which introduced the first federal income tax to finance the Civil War. They discuss the evolution of the tax system through significant events such as the Revenue Act of 1913, which established a graduated income tax, and the high tax rates during World War I. Key legislative acts under Presidents Reagan, Obama, and Trump are explored, emphasizing how each administration's tax policies reflected their broader economic philosophies.
Key Takeaways:
- First Federal Income Tax: Introduced by the Revenue Act of 1861 to finance the Civil War, with a 3% tax rate on income over $800.
- Evolution to Graduated Tax System: The Revenue Act of 1913 marked a shift to a graduated income tax system, introducing tax rates from 1% to 7%.
- Significant Tax Reforms: Major tax reforms under Presidents Reagan (1986), Obama, and Trump (2017) significantly altered tax rates and structures, reflecting their economic visions.
- Modern Tax Environment: The TCJA of 2017 reduced corporate tax rates from 35% to 21%, simplified personal taxes, and introduced the Qualified Business Income Deduction.
- Future Tax Planning: With the TCJA set to sunset in 2026 and upcoming elections, understanding current tax laws and planning accordingly is crucial.
Notable Quotes:
- "Taxes are on sale right now under the Tax Cuts and Jobs Act of 2017." – Chris Picciurro
- "The U.S. tax system is very complicated; many people from foreign countries look at our tax system and just shake their heads." – Chris Picciurro
- "We have to understand that tax agencies are your involuntary business partner." – Chris Picciurro
- "By the way, if anybody knows their CPA, some of them are very, very cut and dry. Chris is not. He's very modern." – John Tripolsky
- "We are truly at a crossroads with the tail end of the TCJA and the upcoming presidential election." – Chris Piccurrio
Episode Sponsor:
Integrated Investment Group
- (00:04) - The History and Purpose of US Taxes
- (01:55) - A Lighthearted Discussion on History, Hot Dogs, and Independence Day
- (05:20) - The Evolution and Impact of US Tax Laws
- (09:04) - The Evolution of Federal Income Tax Rates in the United States
- (12:30) - Tax Laws, Consumer Behavior, and Al Capone's Infamous Tax Evasion
- (14:34) - The Evolution of Tax Policies from Bush to Biden
- (18:56) - The Evolution of the US Federal Tax Code from 1913 to 2010
- (20:43) - Understanding Tax Rates and Strategies for Legal Tax Reduction
- (23:10) - Humorous and Bizarre Tax Facts from Various States
- (26:06) - Educational Insights on Tax, Investment, and Legal Advice
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