History and Objectives of Tax Law

Paper Summary:

This paper traces the history of taxes in America back to the days of British colonial rule and explains the reason government imposes taxes.

From the Paper:

"Tax law is actually one of the very few fiscal measures that government has to control the financial markets. Apart from its main objective, which is revenue for the government, taxes also help in controlling economic activity in the country and are often used by the government to control the flow of money in the markets. During the colonial days, when British rulers needed money for their war with France, taxes were levied on poor colonies, which did not enjoy any representation in the government. This led to the famous "no taxation without representation" debate."

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