Shortly after the Civil War, Congress made the income tax a flat tax; then in 1872 Congress abolished the income tax completely. The war was over, and the U.S. would continue to stress individual liberty and limited government as the best way to happiness, prosperity and strong national character. As a nation, the U.S. decided to limit the outreach of government and pay off most of our Civil War debt.No American income tax from 1872 until 1913.
When the rest of the world saw the U.S. emphasis on liberty and fiscal restraint, America became a magnet for the wealth of Europeans seeking a stable environment for their capital. The rise of the U.S. as a major world power was just around the corner.
Guess which period of time it was when America caught up with the economies of the rest of the world?
More from Burt:
Those who favor class warfare sometimes cite Mark 10:23, which says, “Jesus looked around and said to his disciples, ‘How hard it is for the rich to enter the kingdom of God.’”
A closer look at the original Greek language clarifies God’s attitude toward the rich.
According to Greek scholar Kenneth Wuest, a better translation of Mark 10:23 shows that Jesus said, “How hard it is for those who keep on holding onto wealth to enter the kingdom of God.”
As 2 Corinthians 9:7 says, “God loves a cheerful giver.” Wealth is the opportunity to be a giver, and rich people can thus help people around the world.