may 10, 1773 - The Tea Act

Description:

Due to boycotts and protests, the Townshend Revenue Act’s taxes were repealed on all commodities except tea in 1770. The tea tax was kept in order to maintain Parliament’s right to tax the colonies. The Tea Act was not intended to anger American colonists, instead it was meant to be a bailout policy to get the British East India Company out of debt. The British East India Company was suffering from massive amounts of debts incurred primarily from annual contractual payments due to the British government.

European markets were weak due to debts from the French and Indian War among other things. Besides the tax on tea which had been in place since 1767, what fundamentally angered the American colonists about the Tea Act was the British East India Company’s government sanctioned monopoly on tea.(BostonTeaPartyShip.com)

Added to timeline:

Date: