Timeline - Tax History - Tax Project Institute

Bretton Woods Agreement

Feb 15, 2024

Defined the post-war international monetary system, fostering global economic growth but creating rigidities over time.

Significance

Limited national autonomy in monetary policy but promoted international trade and financial stability.
Established fixed exchange rates for major currencies, pegged to the US dollar, which was convertible to gold at $35 per ounce.
Established US Dollar as the world Reserve Currency
Established the International Monetary Fund (IMF)

Bretton Woods Agreement

World War II

Feb 15, 2024

Defined era of unprecedented mobilization and government intervention in the economy, impacting tax policy and economic management for decades.

Significance

Massive increase in military spending, production of war materials.
Rationing and controls on civilian consumption.
Economy moved to full production, introduction of large Female labor force.
Increased income tax rates, payroll taxes, victory tax.
Reduced some wartime taxes after the war.

World War II

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