A few days ago I met with my accountant to settle my obligations, under the questionably ratified 16th amendment, which states that my income is subject to taxation "from whatever source derived."
O.K., if you say so.
Two reminders in this brief posting today.
First, the Founders never intended for us to face what we all must deal with today. They did not want us to pay taxes on our income. This "direct tax" as they called it would be a violation of our natural right to property - income being that property.
From 1776-1914 this was the law of the land. No income taxes. None.
100 years ago the sixteenth amendment was passed and beginning the next year we have been paying every year.
Which brings me to my second point.
Look at the cartoon above. It is accurate. These are the top marginal tax rates that we have seen over the last 100 years.
Thank God - and Ronald Reagan - that we are now in an era where we do not pay these rates any more.
Yes, we still pay too much. We still pay on too many things (capital, real estate, our death, our investments, our savings, our property and more).
But at least President Reagan charted a sharply downward course from which President Obama has a long way to go before he can restore the tax rates he would like - and that we used to have.
So, as I prepare to mail my check that reflects theft, plunder and a violation of my natural rights I will pause for a second and give thanks that the muggers in Washington, D.C. currently shake me down for far less than what they used to.
Professor, thanks for the perspective (and the chuckle), two of the things I've learned I can depend on you for.
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