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A Historical Analysis of the Federal Income Tax

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Abstract

Although income taxes have been the main source of U.S. government revenue for more than 100 years, tariffs once played a greater role in financing government activity. An analysis of U.S. fiscal receipts since 1789 suggests that the shift from tariff-based to income-based tax revenue was driven by three factors: a pressing need for more revenue during the first and second World Wars, a long-run shift in the composition of the U.S. labor force, and a widely held belief that reform was necessary.

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  • Stephen D. Vasiljevic, 2026. "A Historical Analysis of the Federal Income Tax," Economic Bulletin, Federal Reserve Bank of Kansas City, pages 1-4, September.
    • Handle: RePEc:fip:fedkeb:103766
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