Income tax II in 1188 to raise money for the Third Crusade. The tithe demanded that each layperson in England and Wales be taxed one tenth of their personal income and moveable property. The inception date of the modern income tax is typically accepted as 1799, at the suggestion of Henry Beeke, the future Dean of Bristol. This income tax was introduced into Great Britain by Prime Minister William Pitt the Younger in his budget of December 1798, to pay for weapons and equipment for the French Revolutionary War. Pitt's new graduated (progressive) income tax began at a levy of 2 old
Deficit reduction in the United States the Trust Fund is reduced to the extent this occurs. Among the many alternatives CBO reported included: President Obama reduced the Social Security payroll tax portion paid by workers by two percentage points as part of the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010, a revenue reduction of about $100 billion per year. The law provided for the Social Security Trust Fund to be increased as if this tax cut did not occur, rendering the program financial whole. These cuts expired at the end of 2012. Republicans have argued for a reduction in the corporate income