So THAT’S Why We Have an Income Tax
November 7, 2013
“World War I would eventually cost the United States $50 billion. The federal budget grew from $742 million in 1916 to nearly $14 billion in 1918. The income tax [adopted in 1913] was needed to finance that explosion in spending . . . . It was sobering for Americans to contemplate that more money was being raised for the war in Europe than had been spent by the federal government in all the years since 1791.”
–Steven R. Weisman, The Great Tax Wars, pp. 290, 329
Dr. Thomas DiLorenzo [send him mail] is a former professor of economics at Loyola University Maryland and a longtime member of the senior faculty of the Mises Institute. He is the author or co-author of eighteen books including The Real Lincoln; How Capitalism Saved America; Lincoln Unmasked; Hamilton's Curse; Organized Crime: The Unvarnished Truth About Government; The Problem with Socialism; and The Politically-Incorrect Guide to Economics.
Breaking News from the Pentagon