On December 16, 1773, Boston Tea Partiers revolted against taxation. Unfortunately, the present Tea Party has been hijacked by DARK-AGES warriors.
While abolishing ALL internal taxes
Including the whiskey tax and the land tax
In the first year of his first presidency,
While engaging in the Barbary War
Within two months of his first presidency,
And then spending $15 million
In the Louisiana Purchase
To double the then size of the USA,
Jefferson reduced the national debt
From $83 million to $57 million
[And then, according to a Mises.org article,
Paid it off].
“Indeed, the national debt was paid off twice in American history, the first time by Thomas Jefferson and the second, and undoubtedly the last time, by Andrew Jackson.” http://mises.org/daily/1423
“Jefferson and Gallatin managed to redeem $37.2 million of the principal of the federal debt and bring the total amount outstanding down from $83 million in 1800 to $57 million at the end of 1808.” http://mises.org/daily/4473
“When Thomas Jefferson was elected President..., direct taxes were abolished…” - History of the US Tax System
“Thomas Jefferson repealed all internal taxes and ran the government solely from trade tariff revenue.” [link]
Jefferson’s first term: “He eliminated all internal taxes, abolished the Internal Revenue Service, slashed Army and Navy expenditures, and reduced the national debt by one third. Through his purchase of land from Napoleon in 1803, Jefferson nearly doubled the size of the U.S. and thus provided additional land for settlement and development.” [link2]
“1800 With the assistance of his Secretary of the Treasury, Albert Gallatin, newly elected Republican President Thomas Jefferson sought to reorient the fiscal policy of the United States. Jefferson’s four main goals included: (1) a reduction in government expenditures, (2) a balanced budget; (3) a decrease in the size of the national debt, and (4) alleviation of the tax burden. The latter two objectives seemed to conflict with one another; specifically, Jefferson's desire to abrogate Hamilton's funded debt plan and retire all government obligations as judiciously as possible required a steady stream of revenue.
Nevertheless, Jefferson abolished all internal taxes, including the whiskey excise tax and the land tax. Meanwhile, the Napoleonic Wars in Europe, though a diplomatic minefield for American statesmen, proved a significant stimulus to the economy of the United States. Vigorous commerce enriched merchants while customs duties swelled the federal Treasury. By 1808 the national debt had been reduced from $80 million to $57 million, even though the Louisiana purchase had added an $11 million liability. By 1806, duties proved so lucrative that Gallatin and Jefferson fretted about what to do with the surplus above that required for debt retirement. Treasury reserves increased from $3 million to $14 million between 1801 and 1808.”http://www.taxhistory.org/www/website.nsf/Web/THM1777?OpenDocument
Nevertheless, Jefferson abolished all internal taxes, including the whiskey excise tax and the land tax. Meanwhile, the Napoleonic Wars in Europe, though a diplomatic minefield for American statesmen, proved a significant stimulus to the economy of the United States. Vigorous commerce enriched merchants while customs duties swelled the federal Treasury. By 1808 the national debt had been reduced from $80 million to $57 million, even though the Louisiana purchase had added an $11 million liability. By 1806, duties proved so lucrative that Gallatin and Jefferson fretted about what to do with the surplus above that required for debt retirement. Treasury reserves increased from $3 million to $14 million between 1801 and 1808.”http://www.taxhistory.org/www/website.nsf/Web/THM1777?OpenDocument
“The National Debt
The Jefferson administration had two main objectives in 1801: the reduction of the national debt and the reduction of direct taxes. Gallatin felt that "...the reduction of the public debt was certainly the principle in bringing me [Gallatin] into office...". It was with this thought in mind that he began his first year in office.
According to Mr. Gallatin, on January 1, 1801, the United States was more than eighty million dollars in debt. Gallatin had a plan to reduce the debt. It called for the practice of economy within the government, particularly in the military. The two main sources of revenue for the reduction of the national debt were: capital gained through the sale of public lands and that revenue brought in through custom duties (import taxes).During the first year of Gallatin's term of office he succeeded in reducing the national debt by over two million dollars. In 1803 the government increased its debt fifteen million dollars when the United States purchased the Louisiana Territory from France. Still, this major expense did not alter Gallatin's plan for the nation's economy. He continued to enforce his plan and by January 1, 1812, Gallatin had succeeded in reducing the national debt to just over forty-five million dollars.
Albert Gallatin left office in 1814. Those who came after him continued to enforce the measures to reduce the debt that he had started. In January, 1833 the federal government considered the national debt totally extinguished.”
http://www.nps.gov/frhi/historyculture/secretaryofthetreasury.htm
According to Mr. Gallatin, on January 1, 1801, the United States was more than eighty million dollars in debt. Gallatin had a plan to reduce the debt. It called for the practice of economy within the government, particularly in the military. The two main sources of revenue for the reduction of the national debt were: capital gained through the sale of public lands and that revenue brought in through custom duties (import taxes).During the first year of Gallatin's term of office he succeeded in reducing the national debt by over two million dollars. In 1803 the government increased its debt fifteen million dollars when the United States purchased the Louisiana Territory from France. Still, this major expense did not alter Gallatin's plan for the nation's economy. He continued to enforce his plan and by January 1, 1812, Gallatin had succeeded in reducing the national debt to just over forty-five million dollars.
Albert Gallatin left office in 1814. Those who came after him continued to enforce the measures to reduce the debt that he had started. In January, 1833 the federal government considered the national debt totally extinguished.”
"Dependence begets subservience and venality, suffocates the germ of virtue, and prepares fit tools for the designs of ambition." - Thomas Jefferson
Other Quotes
I am against all taxes, like I am against the military draft. Like having a volunteer army, the financial support of one’s country should be voluntary.
