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Quote by T.R. Reid

“It used to be that we taxed property - zapped farmers basically. And there were very rich people who didn't pay that much tax. So in 1913, they put in the income tax. It was incredibly popular. The tax we love to hate today.”

Quote by T.R. Reid

Author

T.R. Reid is a renowned journalist with a career spanning various fields, including politics, economics, and social issues. Although his exact birth and death dates are unknown, his influence in the field of journalism is undeniable. more

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“The income tax only taxed the Rockefellers, the Morgans and the Vanderbilts. It was aimed at the top 4 percent, and the top rate then in 1913, was 7 percent. Woodrow Wilson had a big ceremony and said, "I'm delighted to be president at the creation of this popular new tax."”

President Creation Taxes Rate Ceremony Income Tax

Author:T.R. Reid

“It was an easy thing to tax for a young country. And then gradually we moved to property taxes, manufacturing taxes, and the income tax was the answer to a populist demand: Let's go after the rich guys. We got into World War I, and they raised the rates and started taxing the rich. Then we got into World War II, and that's when they taxed everybody, because they just needed more revenue.”

World War Country Guy Easy Rich Taxes Moved Property Rate War Of The Worlds World War Ii World War I Income Tax Populist

Author:T.R. Reid

“France, they're the world champion at soaking the rich on taxes. And at one point, they had what they called a hyper tax, 75 percent, and Gérard Depardieu and many others left the country.”

World Country Rich Taxes Champion Hyper

Author:T.R. Reid

“The higher the rate, the more interest there is in avoiding the tax. Either you move or you shift your profits overseas, as American corporations have proven very good at doing.”

Moving Interest Taxes Rate Very Good Avoiding

Author:T.R. Reid

“We have the most expensive compliance system in the world. The IRS brags that they spend 35 cents for every $100 they collect. They're very efficient collectors. And the reason is they stick the real cost on you and me.”

World Real Reason Brag

Author:T.R. Reid

“Americans spend about 6 billion hours a year collecting the data and filling out the forms. We spend $10 billion to H&R Block and other preparers. And on top of that, $2 billion in tax preparation software, which still takes hours of work. It's outrageous the burden we put on people, and guess what, you go to Europe, you go to Japan, it's 15 minutes and costs nothing.”

People Hours Taxes Burden Block Preparation Software

Author:T.R. Reid

“Mortgage is one of the most popular deductions. It costs the Treasury about $103 billion a year. Now that's money we could use to treat wounded veterans or reduce the deficit or fill the border. Instead, we give it a subsidy to homeowners, and it goes mainly to the richest homeowners in America, because only one third of Americans itemize their deductions. It doesn't work. Many countries have gotten rid of the mortgage interest deduction. Almost all of them have higher homeownership rates than we do.”

Giving Country Interest Rate Veteran Mortgage Treasury Homeowners

Author:T.R. Reid

“If you ask any economist, they'll tell you all the mortgage interest deduction does is raise the price of the house. So a couple is out looking at the house, they say, "Oh, we love this house, but we couldn't make the monthly payment." And the realtor says, "Yeah, but you're going to get a tax break." So people pay more than they would otherwise. You take a loss even though you're making a gain.”

People House Interest Loss Break Couple Taxes Economist Mortgage

Author:T.R. Reid

“If you get rid of all these giveaways and loopholes and deductions and credits, then you can sharply lower the rates.”

Author:T.R. Reid

“There's a tradeoff. Yeah, I lose the deduction that I really like, but my tax rate is going to go down, and I don't have to fill out that form anymore. It's much simpler, rates are lower, and that tradeoff has worked in many countries. Many countries have just cleaned house of all those exemptions in order to provide lower rates, and people buy it.”

People Country House Taxes Rate

Author:T.R. Reid