A well-informed reader notes: The 16th Amendment authorizes Congress to tax "Incomes, from whatever source derived." It does not give Congress the power to tax balance sheets as well.
Today, the vast bulk of revenue comes in the form of the income tax and the "Payroll" tax, which finances Social Security and Medicare via both a direct tax on the worker and an indirect tax - the so-called "Employer's share" - that is simply factored into a lower actual take-home wage for the worker.
A Treasury Department poster exhorted citizens: "You are one of 50,000,000 Americans who must fill out an income tax form by March 15. DO IT NOW!" For wartime theatergoers, Disney had prepared an animated short film featuring citizen Donald Duck laboring over his tax return beside a bottle of aspirin.
The income tax - which, when you stop to think of it, is a hidden tax on everything - promised governments a nearly unlimited revenue source, extracted as painlessly as possible.
For there are two classes of Americans for whom the income tax is of absolutely no moment: the nearly 50 percent of the population who pay almost no income taxes at all and the super-rich, who have already amassed great wealth and live off their savings and their capital gains, which are taxed at a lower rate than sweat income.
The Internal Revenue Service has recently released new data on individual income taxes for calendar year 2014, showing the number of taxpayers, adjusted gross income, and income tax shares by income percentiles.
Such a tax gives the lie to the virtues of the "Progressive" income tax, since the country has both record tax revenues and record deficits and debt.
https://pjmedia.com/michaelwalsh/tired-of-living-paycheck-to-paycheck-repeal-the-16th-amendment/
Today, the vast bulk of revenue comes in the form of the income tax and the "Payroll" tax, which finances Social Security and Medicare via both a direct tax on the worker and an indirect tax - the so-called "Employer's share" - that is simply factored into a lower actual take-home wage for the worker.
A Treasury Department poster exhorted citizens: "You are one of 50,000,000 Americans who must fill out an income tax form by March 15. DO IT NOW!" For wartime theatergoers, Disney had prepared an animated short film featuring citizen Donald Duck laboring over his tax return beside a bottle of aspirin.
The income tax - which, when you stop to think of it, is a hidden tax on everything - promised governments a nearly unlimited revenue source, extracted as painlessly as possible.
For there are two classes of Americans for whom the income tax is of absolutely no moment: the nearly 50 percent of the population who pay almost no income taxes at all and the super-rich, who have already amassed great wealth and live off their savings and their capital gains, which are taxed at a lower rate than sweat income.
The Internal Revenue Service has recently released new data on individual income taxes for calendar year 2014, showing the number of taxpayers, adjusted gross income, and income tax shares by income percentiles.
Such a tax gives the lie to the virtues of the "Progressive" income tax, since the country has both record tax revenues and record deficits and debt.
https://pjmedia.com/michaelwalsh/tired-of-living-paycheck-to-paycheck-repeal-the-16th-amendment/
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