“...The Congress shall have the power to lay and collect taxes on incomes,
from whatever source derived, without apportionment among the several States,
and without regard to any census or enumeration...”
-
If an investment has increased in value, is it “income”?
Income is not realized until cashed/realized, no?
If there was a “Loss Carry Forward”, would you be able to deduct against gains? .... Likely, not.
Why not tax my estimated income based upon 5% annual gains, or more?
My house has tripled in value over the last 20 years. Why in the hell should I pay income taxes on the increase in value unless I sell it?
Before long they will begin taxing infants for their potential future income.
In line with your moniker, we should repeal the 16th along with the 17th. They were the strong two step progressive “reforms” of the progressives in the early 1900s. Calvin Coolidge called them out in his speech marking the 150th anniversary of the Declaration of Independence in 1926. I posted it on my social media last week, and it foretold current day problems.
In short, the principal points were:
“• The Declaration is the preeminent support for free government around the world.
“• We celebrate the American Revolution because it represents the convictions of an independent, liberty loving, God-fearing people who knew their rights and had the courage to maintain them.
“• Our institutions subsequent to the Declaration have stood the test of time. They have advanced civilization.
“• Take time to turn off the noise of partisan politics and find solace and consolation in our two great charters of freedom, the Declaration and Constitution. Together, they will always provide adequate defense from all dangers.
“• The Declaration is the outward manifestation of the desire of all men to be free.
“• Like no other revolutionary movement in history before or since, not only did the Declaration liberate a people, it ennobled humanity.
“• Great ideas are always reached by a gradual development over a length of time usually proportionate to their importance. This is especially true of the principles laid down in the Declaration. Three very definite propositions were set out in its preamble regarding the nature of mankind and therefore of government. These were the doctrine that all men are created equal, that they are endowed with certain inalienable rights, and that therefore the source of the just powers of government must be derived from the consent of the governed.
“• About the Declaration there is a finality that is exceedingly restful. It is often asserted that the world has made a great deal of progress since 1776, that we have had new thoughts and new experiences which have given us a great advance over the people of that day, and that we may therefore very well discard their conclusions for something more modern. But that reasoning cannot be applied to this great charter.
“• If all men are created equal, that is final.
“• If they are endowed with unalienable rights, that is final.
“• If governments derive their just powers from the consent of the governed, that is final.
“• No advance, no progress can be made beyond these propositions. If anyone wishes to deny their truth or their soundness, the only direction in which he can proceed historically is not forward, but backward toward the time when there was no equality, no rights of the individual, no rule of the people. Those who wish to proceed in that direction cannot lay claim to progress. They are reactionary. Their ideas are not more modern, but retrograde.
“• From the contemplation of these truths the Founders made their Declaration and adopted their Constitution. It was to establish a free government, which must not be permitted to degenerate into the unrestrained authority of a mere majority or the unbridled weight of a mere influential few.”
If the reader takes nothing else from this squib, I hope it is the sentences above. Keep them in your hip pocket and ready to throw in the face of your hopeless straying Leftist friends and relatives this Independence Day. These are the truths that the Left denies. In the name of ill-defined and ever-changing social justice, perverted progressives strive to enslave the once freest nation on earth. We can stop these destroyers of all that is good and decent from progressing our Declaration and Constitution.
Article V.