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60 sats \ 4 replies \ @SimpleStacker 10 Apr \ on: In 1913, only 2% of households paid income tax charts_and_numbers
Guess how the federal government was financed prior to 1913.
Might wanna be careful with that question though, some heads might explode.
How were they funded? Give me the answer. (I think the answer is property tax, but hit me)
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It rhymes with "guitar riffs"
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Context of the size of government at the time is critical to note.
Federal Budget was also only about 2.5% of GDP vs 25% of GDP. And only paid half the budget at that time.
The same amount of tariffs today in terms of GDP would pay for about 5% of the federal budget.
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No....Sales taxes (on foreign imports) alone? That's crazy.
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