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
Destination-based cash flow tax United States' existing "uncompetitive worldwide tax approach." The blueprint would also cut "the corporate tax rate to 20 percent from 35 percent" so the border tax is needed as revenue offset. In a February 17, 2017 interview with "Bloomberg", Brady described the "centerpiece of Ryan’s tax blueprint" the GOP as an "idea to tax imports and exempt exports would make U.S. companies more competitive globally and reduce their current motivations to move abroad." According to the Tax Foundation, the border-adjusted tax would "raise about $1.1 trillion in revenue" by 2027 "which would help to offset the blueprint’s corporate and income