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Yes, but solved only by passing the 16th amendment, which specifically authorized the federal income tax. The article is, in a round about way, arguing that a
by pwg 7y ago
Yes, but solved only by passing the 16th amendment, which specifically authorized the federal income tax.
The article is, in a round about way, arguing that a wealth tax would need just such a constitutional amendment as well. And in today's political environment it would be much easier to just hike the existing income tax rates than obtain the majorities necessary for passing a constitutional amendment.
- defen 7y agoThat won't do much to combat wealth inequality though, because the ultra-wealthy typically do not have high incomes, at least relative to their overall wealth.