Financial Exchange Quotes
An income tax had been instituted during the Civil War but had lapsed. Existing taxes were therefore all excise or head taxes—very regressive. Some politicians began floating the idea of bringing back the Income Tax. But the New York Congressmen objected on the grounds that New York would pay a much higher proportion of the taxes, then their population represented. Under the Civil War, income tax, New York State had paid one/third of the entire national tax burden.