The Return of the Inflation Tax

Rewriting history again, UG?

Progressive income taxes, included the so-called inflation tax, are as old and as non-partisan as the income tax itself in the US.

Every president since the inception of the income tax has supported a system of progressive taxation.

And, in fact, support for progressive taxation goes back to the "father of capitalism" and the libertarians' favorite iconic "laissez fair - free market" economist - Adam Smith.

Some economists trace the origin of modern progressive taxation to Adam Smith, who wrote in The Wealth of Nations:

The necessaries of life occasion the great expense of the poor. They find it difficult to get food, and the greater part of their little revenue is spent in getting it. The luxuries and vanities of life occasion the principal expense of the rich, and a magnificent house embellishes and sets off to the best advantage all the other luxuries and vanities which they possess. A tax upon house-rents, therefore, would in general fall heaviest upon the rich; and in this sort of inequality there would not, perhaps, be anything very unreasonable. It is not very unreasonable that the rich should contribute to the public expense, not only in proportion to their revenue, but something more than in that proportion.

Your class warfare argument, much like your incessant whining about the socalist agenda, feeds the frenzy among the self-proclaimed true patriots and freedom fighters like yourself, but cant stand up the facts.

SO my suggestion, tell it to Adam Smith, Teddy Roosevelt, Eisenhower, Reagan...all proponents of that "class warfare".

OR circle the wagons at the Tea Parties and keep shouting out together:

"...on the tree of liberty must spill the blood of patriots and tyrants. ... "

It makes for great wing nut theater!