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SPECIAL: Boston Tea Party About Corporate Giveaways
"The Boston Tea Party was ultimately precipitated by a massive corporate
tax cut. In 1773, the only major multinational corporation at the time, the British East India Company, was teetering on the verge of bankruptcy. According to that obviously liberal organization, the Boston Tea Party Historical Society, one solution was to bail out the corporation by offering it a government loan. But instead, at the urging of the East India Company's powerful lobbyists and supported by King George III, Parliament passed the Tea Act which almost entirely eliminated the duty -- the tax -- on British tea exported by the East India Company to the American colonies. How do we know this? Well, the actual subtitle of the Tea Act, for one: An act to allow a drawback of the duties of customs on the exportation of tea to any of his Majesty's colonies or plantations in America; to increase the deposit on bohea tea to be sold at the East India Company's sales; and to empower the commissioners of the treasury to grant licences to the East India Company to export tea duty-free. The rationale was that lower taxes meant lower prices, which meant the East India Company would sell a lot more tea. Your basic free market precursor to Reaganomics and supply-side economics in action. In other words, the British government's solution to the East India Company's financial crisis was, in effect, a tax cut. A big one. Exactly the same economic solution that's been pushed by congressional Republicans and the tea bag revolutionaries 236 years later. The tax cut was viewed by colonial patriots as another example of British tyranny against smaller merchants whose business would be severely undercut. Consequently, political activists and, most famously, the Sons of Liberty, organized a boycott against the East India Company's tea. And later that year, when the Dartmouth, Beaver and Eleanor were docked in Boston harbor, the Sons carried out their famous protest. So. Whoops. It turns out that that the tea baggers, led in part by Michelle Malkin, Glenn Reynolds and the Coward Rick Santelli, are politically more in line with the tax policies of King George than the views of the Sons of Liberty and the colonial patriots. The tax baggers emulating a protest against a corporate tax cut -- but, oddly, in support of tax cuts for the rich and corporations. Furthermore, King George was against a corporate bailout loan. And so are the tea baggers. And I don't think it'd be a stretch to suggest that many of the tea baggers are recipients of the president's middle class tax cut." http://www.huffingtonpost.com/bob-ce..._b_176476.html |
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