First central bank was created in 1791. Alexander Hamilton was the instigator.
It was up for renewal by Congress/President in 1811, but President Madison was against it.
Aaaand ... whaddoyaknow? War of 1812.
Madison had his "attitude adjusted" and supported the second central bank in 1816.
It was up for renewal in 1836. But President Jackson was against it, calling the bankers a "den of vipers."
Assasination attempt, where not one, but two guns misfired. Jackson told his VP, "The bankers are trying to kill me."
No central bank, and massive prosperity, except for a little war skirmish and fuckery with breaking up the union.
Income tax of 1861 was passed to "pay for the war."
It was repealed and replaced in 1862 (but the southern states had already left the union, so was there a quorum to lawfully pass this? Nah, who needs rule of law?).
Most "wartime emergency measures" were ended in 1872, supposedly including the income tax.
A new "banking crisis" emerged in 1893. (How convenient!)
Congress "responded to the emergency" by passing an income tax in 1894.
SCOTUS struck it down as unconstitutional in 1895.
President McKinley was opposed to a new income tax.
He ded.
Congress passed an income tax on corporations (federally-created corprorations) in 1909.
President Taft was in office, and signed the corporation tax.
His fate would be much different than McKinley. Taft would become Chief Justice of the Supreme Court.
Also in 1909, the 16th Amendment was proposed, as well as a new central bank (Federal Reserve).
But prominent businessmen were opposed to it.
They were invited to take a boat ride in 1912.
They ded.
Many Republicans of this era were in favor of an income tax because (a) they did not like high tariffs on business, and assumed this would lower the tarrifs, and (b) they were stupid and/or naive and/or co-conspirators.
Democrats also in favor, and Woodrow Wilson signed both income tax and central bank ... and got US into World War 1 ... and supposedly said late in life that he was decieved.
Stupid is more like it. So much for a president of Princeton University being the "smartest man in the room."
16th Amendment probably not legally ratified in 1913, but here we are ...
First central bank was created in 1791. Alexander Hamilton was the instigator.
It was up for renewal by Congress/President in 1811, but President Madison was against it.
Aaaand ... whaddoyaknow? War of 1812.
Madison had his "attitude adjusted" and supported the second central bank in 1816.
It was up for renewal in 1836. But President Jackson was against it, calling the bankers a "den of vipers."
Assasination attempt, where not one, but two guns misfired. Jackson told his VP, "The bankers are trying to kill me."
No central bank, and massive prosperity, except for a little war skirmish and fuckery with breaking up the union.
Income tax of 1861 was passed to "pay for the war."
It was repealed and replaced in 1862 (but the southern states had already left the union, so was there a quorum to lawfully pass this? Nah, who needs rule of law?).
Most "wartime emergency measures" were ended in 1872, supposedly including the income tax.
A new "banking crisis" emerged in 1893. (How convenient!)
Congress "responded to the emergency" by passing an income tax in 1894.
SCOTUS struck it down as unconstitutional in 1895.
President McKinley was opposed to a new income tax.
He ded.
Congress passed an income tax on corporations (federally-created corprorations) in 1909.
President Taft was in office, and signed the corporation tax.
His fate would be much different than McKinley. Taft would become Chief Justice of the Supreme Court, starting in 1921.
Also in 1909, the 16th Amendment was proposed, as well as a new central bank (Federal Reserve).
But prominent businessmen were opposed to it.
They were invited to take a boat ride in 1912.
They ded.
Many Republicans of this era were in favor of an income tax because (a) they did not like high tariffs on business, and assumed this would lower the tarrifs, and (b) they were stupid and/or naive and/or co-conspirators.
Democrats also in favor, and Woodrow Wilson signed both income tax and central bank ... and got US into World War 1 ... and supposedly said late in life that he was decieved.
Stupid is more like it. So much for a president of Princeton University being the "smartest man in the room."
16th Amendment probably not legally ratified in 1913, but here we are ...