Nemo:
Re: “In case you didn’t know, tariffs made up 95% of the US government’s revenue until 1913”
Great post!
Yes, tariffs - along with taxes on corporate income - are how the federal government was meant to be financed. Taxing employee income should have been ruled unconstitutional since employee income is not profit for the employee. Employment is simply a matter of a citizen TRADING his or her time and energy for an appropriate number of dollars. It's the same as if I traded my TV to you for your lawnmower. Neither of us profits from the exchange and nobody should have to pay taxes as a result.
Corporate income, on the other hand, represents actual profit. Companies buy goods and hire staff, do whatever they do, then sell the goods or services for more than what it all cost. That's what companies are doing if they're successful, anyway. And the gain is what gets taxed.
The personal income tax is unconstitutional. But that hasn't stopped our government from going ahead with it, has it?
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