The British Parliament passes the Tea Act, a bill designed to save the faltering East India Company by greatly lowering its tea tax and thus granting it a monopoly on the American tea trade. The low tax allowed the East India Company to undercut even tea smuggled into America by Dutch traders, and many colonists viewed the act as another example of taxation tyranny......http://www.history.com/this-day-in-history.do?action=Article&id=4951
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