Quote:
Originally Posted by New Era
The tax structure under Eisenhower was essentially a wealth tax. The rich paid up to 90% tax and did not have loop holes to protect investment returns and shelters. You can try and argue semantics but the tax code back then was setup to tax the wealth of people who had the money so those who did not had support to have a chance in the system.
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A high marginal income tax (and there were loopholes and deductions that meant almost no one got there) is not essentially a wealth tax.
Taxing income is common and legal in the US and most other countries. Taxing wealth has never been tried and has a lot of logistical issues and may not be legal without a constitutional amendment.