In 1971, President Richard Nixon officially proclaimed a war on drugs. Since then, the United States has spent well over $1 trillion on drug prevention and detainment. “If we cannot destroy the drug menace in America, then it will surely in time destroy us,” Nixon told Congress in 1971. “I am not prepared to accept this alternative.” The goal of the war on drugs is to reduce drug use. The specific aim is to destroy and inhibit the international drug trade — making drugs scarcer and costlier, and therefore making drug habits in the US unaffordable.
The United States has been an economic powerhouse in the world since 1920, but has the implementation of taxes stymied its growth whatsoever? Congress recently reviewed tax policies, with extensive changes on the capital gains tax, a tax on assets that have accrued value over time when sold, regardless of when the gains had been accrued. The federal income tax does not tax all capital gains. For example, if a stock is purchased in 2010 at $100 and sold in 2020 at $150, the tax would be on the $50 accrued value in the current year. Economists believe that capital gains tax rates have resulted in economic prosperity and stability in the United States for nearly a century since 2016.