McCulloch v. Maryland concerned Maryland’s right to levy a prohibitive tax on the Second Bank of the United States. In an effort to remove the tax, James McCulloch, the cashier at the bank’s Baltimore branch, sued Maryland on his employer’s behalf. The Maryland courts upheld the tax but the case was appealed to the Supreme Court, where John Marshall wrote the Court’s unanimous decision overturning the original ruling. The decision broadly interpreted the Constitution, endowing Congress with the power to use all appropriate means...
Later called the Tariff of Abominations, the Tariff of 1828 increased the tax on imported manufactured goods. The law economically benefitted the North—New England in particular favored high tariffs—and injured the South, which believed that the tariff was unconstitutional.
President Bush signed the Economic Growth and Tax Relief Reconciliation Act of 2001. The legislation made sweeping changes to the federal tax code by lowering income tax rates and implementing a one-time tax refund payment. A second “Bush tax cut”—the Jobs and Growth Tax Relief Reconciliation Act of 2003—reduced income and capital gains tax rates and increased deductions.
Ron Chernow presents the full sweep of Alexander Hamilton’s dramatic life and achievements and makes the case that Alexander Hamilton was the most influential American who never attained the presidency.