President Trump’s Idea of Replacing the Income Tax With Tariffs Is Sound and a Great Advancement in the Restoration of Freedom
Prior to 1913 the US government was financed by tariffs. It was under tariffs, not free trade, that the United States industrialized and became a manufacturing nation. Indeed, the Union invaded and destroyed the Confederacy in order to impose the Morrill Tariff on the South that enabled the North to industrialize. The North could not compete with British industry and required the protection of a tariff.
It is extraordinary to me that it has gone unremarked for 112 years that the income tax, which required a constitutional amendment, resurrected slavery. In actuality, white people voted to impose slavery on themselves.
Americans did not realize what was happening. The income threshold for being subject to the tax was so high that few qualified to be taxed. Moreover, the first tax rate was 1% and the progression halted at 7%. To be taxed at 7% you had to have a phenomenal amount of income for those days of more than $500,000, the equivalent of multi-millions today. In the US in the 1900s a person who made $70,000 a year was considered extremely wealthy. When Henry Ford’s innovation of the moving assembly line was introduced in 1913, he raised his workers’ pay from $2.34 per day to $5, producing an annual income of $1,300.
Only 3% of the US population was subject to the income tax. Many years ago I wrote an account of how the income tax amendment passed. In Georgia the state legislative leader said Georgia had no objection to the amendment as no one in the state of Georgia had an income high enough to be subject to the tax.
Everyone overlooked t
Article from LewRockwell
LewRockwell.com is a libertarian website that publishes articles, essays, and blog posts advocating for minimal government, free markets, and individual liberty. The site was founded by Lew Rockwell, an American libertarian political commentator, activist, and former congressional staffer. The website often features content that is critical of mainstream politics, state intervention, and foreign policy, among other topics. It is a platform frequently used to disseminate Austrian economics, a school of economic thought that is popular among some libertarians.
