Can that date be correct?!
I was going to push past trivia and even minutia and publish a lot of stats about this blog comparing views, visitors, etc. for 2018 and 2019. I was also going to publish stats comparing my workouts for the two years. After some reflection I realized that I don’t want to subject my readers to that stuff.
I have to admit, though, that given the number of views/visitors for Disaffected Musings has been stagnant for about 15 months, my motivation for writing is waning. It is entirely possible that by this time next year, I will be posting far less frequently or not at all. Time is finite, like every other resource, and has to be allocated efficiently. Sorry to sound like a Gloomy Gus, but it is what it is.
On January 1, 1862 the first US income tax went into effect in order to help pay for the Civil War. The tax, whose [I know the tax was not alive, you tell me which pronoun I should use] rates were raised in 1864, was repealed in 1872.
In 1895 the US Supreme Court ruled that taxes on rents from real estate, on interest income from personal property and other income from personal property (which includes dividend income) were direct taxes on property and therefore had to be apportioned. Since the apportionment of income taxes is impractical, these rulings had the effect of prohibiting a federal tax on income from property. Due to the political difficulties of taxing individual wages without taxing income from property, a federal income tax was impractical from the time of this decision until the time of ratification of the Sixteenth Amendment in 1913.
Those people advocating a “wealth tax” seem oblivious to this history. The Sixteenth Amendment reads: “The Congress shall have the power to lay and collect taxes on incomes, from whatever source derived, without apportionment among the several States, and without regard to any census or enumeration.” Notice incomes is specified, but not total assets or wealth. A wealth tax is unconstitutional and even if some future administration and Congress are able to pass such a law, given the current makeup of the Supreme Court it is virtually impossible to think such a law would be upheld during an inevitable challenge.
I also believe in the 12 or 14 countries that have enacted a wealth tax that tax has been repealed in every one of those countries. Vilification of the wealthy is nothing but abject populism.
Diane of indianeskitchen commented (thanks, Diane) that the $346,000 MSRP of the Rolls-Royce Dawn was “crazy.” I’m not picking on her, but I guess she doesn’t know that some new cars have price tags in the millions. Some limited editions of makes I would never buy given their ownership (think
Bugatti/Volkswagen) cost in excess of $10 million. From wealthygorilla.com (where else?!) a picture of a car costing almost $5 million, the Koenigsegg CCXR Trevita:
I am not a big fan of hypotheticals. I don’t know what I would do if I could afford to buy a car like this. I do know that it’s not my place to say that no one should.
Happy New Year!
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