Nov 5, 2025
Wilson-Gorman Tariff Act of 1894 attempts reduction of rates on imported goods and introduces a federal income tax. The income tax is struck down by the Supreme Court until it was re introduced after the passage of the 16th Amendment in 1913, reinforcing tariffs role as major revenue in early America.
Significance
- Reduced tariffs on imported goods, reflecting a shift towards lower tariffs
- Introduced the concept of Income taxes to offset lower tariff revenue
- Contributed to the debate on protectionism vs. free trade, impacting economic policy and government revenue sources.
Learn MoreFeb 14, 2025
The Private Sector Survey on Cost Control (PSSCC), commonly referred to as the Grace Commission, was an investigation requested by President Ronald Reagan, authorized in Executive Order 12369 on June 30, 1982. The survey’s focus was on eliminating waste and inefficiency in the United States federal government. Reagan asked the members of that commission to “Be bold. We want your team to work like tireless bloodhounds. Don’t leave any stone unturned in your search to root out inefficiency.”
Significance:
- President Reagan used the “Drain the swamp” phrase.
- Businessman J. Peter Grace chaired the commission.
- Recommendations were largely ignored by Congress
- Report claimed $424 billion could be saved in three years if recommendations followed
- 2478 page report comprised of 36 Task Force Reports, and 11 Special Reports
- Summary denoted “Resistance to additional income taxes would be even more widespread if people were aware that” ominous statements followed
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Oct 25, 2024
The US National Debt balloons to over $35 Trillion dollars exceeding 100% of GDP and peaking at the highest levels since World War II following Great Recession and COVID bailouts, and period of high deficit level spending.
Significance:
- Interest on Debt exceeds $1 Trillion dollars alone
- Interest payments exceed cost of US Military, move into 3rd largest budget expense
- Period marked by High Inflation
- Looming decisions on higher deficits, more taxes, lower spending, or higher inflation
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Feb 15, 2024
Additional Bush Tax Cuts that reduced tax rates on dividends and capital gains, expanded deduction for small businesses, additional tax breaks for specific industries and activities.
Significance
- Further expanded tax cuts from EGTRRA, aimed at encouraging investment and job creation. Further increased budget deficit and debate exists on effectiveness in stimulating growth.
- Reduced Dividend and Capital Gains Taxes
- Expanded Small Business Deduction
- Additional tax breaks for specific industries and activities, such as manufacturing, research and development, and alternative energy.
- EGTRRA Tax Cuts were accelerated, bringing forward tax cuts scheduled for later years.
- Increased Deficit
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Feb 15, 2024
Post 9/11 stimulus package, reduced top marginal income tax rate, lowered income tax rates for all brackets, increased child tax credit, reduced marriage penalty, phased out estate tax (later expired).
Significance
- Largest tax cut in US history at the time, aimed at stimulating economy post-9/11.
- Increased budget deficit
- Cut Tax rates across all brackets
- Reduced Estate, and Capital Gains Taxes
- Increased deduction for Married filers, and Increased Child and Earned Income Credits
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