Timmy wishes the great American leaders into his Treehouse talk show to finish his report, but because they have vanished from history, the United States reverts to being a British colony. Timmy can't wish them back because Cosmo and Wanda's wands are taken for taxes (Taxation Without Representation). Timmy must now use his Time Scooter to get them back to their own time period to stop Benedict Arnold from creating the alternate future by getting the Americans to surrender.
Timmy had forgotten to write his report on the American Revolution, which is due tomorrow. His computer is too slow to come up with the necessary information, so he throws it out the window with anger. Wanda advises him to apply himself seriously. Cosmo, however, comes up with an idea to bring the Founding Fathers to the present to interview them. Though Timmy agrees with the latter, Wanda says that it is a horrible idea, for they may be taking people who may be doing something important but is ignored (Cosmo claiming that they may be on the toilet). Instantly, in his treehouse, Timmy hosts a talkshow simply called "The Timmy Turner Show" with George Washington, Benjamin Franklin and Thomas Jefferson. Unfortunately, the only negative parts of his wish is that Washington chops up anything wood (given that his past trauma with the cherry tree), Franklin is constantly electrocuted; and Jefferson tries making jokes, which aren't funny. Even worse, the Founding Fathers wander away from the show into his house. Washington fixes the TV by hacking it literally with his axe; Franklin burns himself trying to figure out how lightning fits in light bulbs. Timmy's dad notices that George and Jefferson are on the dollar and nickel respectively. Mr. Turner then notices that Franklin is on the hundred dollar bill and asks if he can touch the presidents instead of the money. Given that Timmy's dad is ecstatic over seeing people related to money, Timmy's mom ejects them all from the house.
As Timmy finishes his report, Wanda urges him to send the Founding Fathers back to where they came before something happens. And just then, all modern things turn British and 18th century and everyone sounds British. With the Founding Father gone so long, USA is still a British colony deprived of electricity. Washington also adds about "taxation without representation". As evidenced, a taxman takes his fairies' wands away, preventing them from changing things back to normal. Washington then berates Timmy for screwing up. Cosmo tries coming up with an idea. Timmy assists him by placing a candle over his head, reminiscent of the light bulb idea. This gives Cosmo the idea to use the Time Scooter to return to the Revolution and save America.
In 1776, with Washington, Franklin and Jefferson gone, Benedict Arnold takes the opportunity to betray America. Disguising himself as Washington, he attempts to trick John Hancock into signing "The Declaration of Surrenderpendence" which will cause the people of the United States to give up to the British. Luckily, before Hancock could do so, Timmy and company arrive. Washington himself uses his own teeth to prevent Hancock from signing. Both Washingtons then engage in a fight, which may result in an even worse future for America. Timmy tries thinking. Cosmo helps by putting the candle over his head (with the wax falling on his head). Timmy then grabs a wooden coat rack to spur the real Washington into chopping it, proving that it is him to the people. Arnold is then exposed by Jefferson and taken away by authorities. Franklin then suggests rewarding Timmy in a way. Jefferson suggests putting him on the dollar. Unfortunately, Washington's teeth and "love of all things free" broke John Hancock's writing hand and they are one signature short on the Declaration of Independence. Timmy signs his own name before returning to his time.
When they get back, everything is back the way it should be. The only difference is that the cable man fixes the TV with an axe. Also, Timmy's face is on the one dollar bill and Timmy responds with the same thing Washington said earlier.
Next day, Timmy has Chester and A.J. dress up as Washington and Franklin respectively for his report. Mr. Crocker, however, is not impressed and gives him an F. Timmy states that he is history as the episode ends.