With the birth of the 21st century America entered the era of the “free war”. Despite urgent calls for a world wide War on Terror in the wake of the September 11, 2001 attacks on the American homeland, Americans continued to enjoy low tax rates. More than $1 trillion has been added to the national deficit by expenditures generated by the wars in Iraq and Afghanistan, the first wars since the War of 1812 that have not been financed in part by new taxes.
There were three taxes instituted to pay for the Civil War. In the Spanish American War Congress levied a tax on certain luxury items. World War I was a “pay as you go” war. In World War II top income rates reached 94 % to pay for War. Congress passed new taxes in 1950 and 1951 to pay for the Korean War. During the Vietnam War Congress passed a ten percent surcharge, which meant 10 percent of owed income tax was added to the bill to pay for the war.
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