Americans celebrate Independence day every July fourth, but did you know about the unjust taxes prior that led to the separation from Great Britain? America declared Independence from Great Britain mainly because of taxation without representation. As an accountant, I find this history fascinating, so I want to share that history with you.
In 1776, taxation was incredibly different from how we know it today. Instead of payroll taxes, corporate taxes, and income taxes, taxes came in the form of tariffs and sales taxes. Before the declaration of Independence came into effect, many events occurred that aided the development of the declaration of Independence.
The first of these events was the Stamp Act of 1765. Great Britain imposed these taxes mostly because King George needed to raise money to fund the government’s activities. King George thought that the American colonists wouldn’t fight since they were overseas, but King George was wrong, as we know.
The American colonists fought back on these outrageous taxes, and the government removed the Stamp Act about a year later. However, Great Britain kept trying to tax the American colonists with a series of acts called the Townshend Acts of 1767. These acts caused the American colonists to retaliate; they were angry about the taxation without representation and wouldn’t accept it any longer. The Townshend Acts are the reason the Boston tea party occurred and essentially what started the revolutionary war.
Then, the British passed a set of laws called the Coercive Acts, and it was the final straw for the American colonists. Thus, bringing us to the famous day in history we know as Independence day. A day where Americans signed the declaration of Independence. A day we now celebrate with hotdogs, burgers, and fireworks. It’s so interesting! Anyway, that is all I have for this quickie; I hope you learned something. I hope you had a safe and fun Independence day! Let me know what you think in the comments!
Americans celebrate #IndependenceDay every July fourth, but did you know about the unjust #taxes prior that led to the separation from Great Britain? As an accountant, I find this #history fascinating, so I want to share that history with you. https://t.co/ftIB2td0Cb pic.twitter.com/JvrJVwCgYp
— Bette Hochberger, CPA, CGMA (@bettehochberger) July 5, 2021