This wasn’t always the case. Only the very wealthy were liable to the income tax in its early years. You receive excellent tax benefits, your children gain greatly from your investment in their education, and you have a successor in place for when you are ready to retire. Since the wealthy earned more money than they required to live comfortably, it was thought that they were wealthy.
They could afford to reimburse the government for some of this. It was only right that, in times of war, people might return some of their extra income to the government in order to preserve their liberties and the protection provided by the government since they had earned this money while living under the protection of their government.
Everything was different after World War II. The income tax was discovered by the governments of the globe to be a practical mechanism for obtaining money that might be utilised to rebuild a war-devastated economy. Governments consequently started taxing the middle class. At initially, taxes were only levied on the amount that employees earned in excess of the national median cost of living.
PDF Name: Tax Free Wealth PDF Book
No. of Pages: 270
PDF Size: 2 MB