I therefore reckon that, without remissions, the tax of sixteen-pence in the pound down to L156 a year would produce about L30,000,000, and that the tax down to L52 a year would about produce the rest. The total income that income tax is now levied on is nearly L600,000,000. We need not be surprised at the productiveness of the income tax. A man of L10,000 a year pays tax on that.
Connecticut's currency had been freer from inflation than that of other New England colonies. But her paper money experiments in the years from 1714 to 1749 grew more and more demoralizing. Up to 1740, Connecticut had issued L156,000 in paper currency. At the time of the Great Awakening she had still outstanding L39,000 for which the colony was responsible.
Word Of The Day