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George Harrison composed this track for the Beatles' 1966 album Revolver, with Lennon contributing to the lyrics. The song served as the album's opening track and marked a significant moment in Harrison's development as a composer, establishing him alongside the Lennon-McCartney songwriting duo. It represented the band's inaugural foray into topical and political subject matter.

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The song expresses opposition to high progressive taxation rates in the United Kingdom under Harold Wilson's Labour government, during a period when the Beatles were required to pay over 90 percent of their income to the Treasury.