The result would be the destruction of the empire and civilization as they knew back then.
Primarily through their impact on demand. Tax cuts boost demand by increasing disposable income and by encouraging businesses to hire and invest more. Tax increases do the reverse. These demand effects can be substantial when the economy is weak but smaller when it is operating near capacity.
The term length in the United States Senate would be "6 years," since the Founding Fathers wanted the Senators to be able to make decisions without constantly having to think about re-election.