“it would raise its money from the very, very rich—likely fewer than 1,000 taxpayers...”
And, although not mentioned, it would now give the IRS the power to know what your liquid assets are. You know, stuff like art, property, etc. They’ll need a lot more IRS agents for that. Oh wait...
Good post.
Yup—the real rich will never pay the taxes. Their tax attorneys will come up stunningly creative lease back schemes/life insurance arrangements/offshore entities and other legal strategies to control assets without owning them.
Then the Democrats will say “oops—we need more revenue—guess we will have to lower the brackets...not our fault...none of the “experts” ever saw this coming...”
# The income tax also started with only the very rich. Until WWII most did not pay a cent (and there was no withholding. But we all se how that worked out.
Exactly. Check out my site for a copy (PDF) of the original tax forms. Figure out what your taxes would be today even with inflation. You’ll probably cry.
https://www.zeugmaweb.net/histdocs/income_tax.html