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Was Alexander Hamilton for national taxes?
In 1782, Hamilton had direct experience with taxation when he served as the Receiver of Continental Taxes for New York. Later, as Secretary of the Treasury, Hamilton was responsible for establishing the national system of taxation, which previously did not exist under the Articles of Confederation.
What tax did Hamilton do?
In order to pay what it owed on the new bonds, the federal government needed reliable sources of tax revenue. In 1791, Hamilton proposed a federal excise tax on the production, sale, and consumption of a number of goods, including whiskey.
How did Hamilton feel about taxes?
As to poll taxes, which were in force in many states, Hamilton confessed his “disappointments” in them, adding that he would “lament to see them introduced into practice under the national government.” On the other hand, the national government should have the power to impose poll taxes in case of need, for such taxes …
What was Hamilton’s plan for the national debt?
Hamilton’s plan called for the government to repay both federal and state debts. He wanted the government to buy up all the bonds issued by both the national and state government before 1789. He then planned to issue new bonds to pay off the old debts.
Did Alexander Hamilton want to raise taxes?
Since America had just won the American Revolution, the country needed to find a way to set up a system for the financial situation. Hamilton was worried that the people would not appreciate the taxes. However, he believes that taxes are necessary in order to make the citizens happy.
Why did Alexander Hamilton want a national bank?
Hamilton believed a national bank was necessary to stabilize and improve the nation’s credit, and to improve handling of the financial business of the United States government under the newly enacted Constitution.
What were the two reasons why Hamilton placed a tax on whiskey?
In 1790 Treasury Secretary Alexander Hamilton pushed for the federal government to take over that debt. He also suggested an excise tax on whiskey to prevent further financial difficulty. President George Washington was opposed to Hamilton’s suggestion of a whiskey tax.
Why was Hamilton for the national bank?
Why did Hamilton call national debt a national blessing?
Hamilton liked this idea because he felt that if we showed that we would honor our debt and make timely payments, we would begin to build a positive reputation in the world. Hamilton said “A national debt, if it is not excessive, will be to us a national blessing.”