The limitation of wealth by law has received the approval of some of the
most gifted as well as philanthropic of minds. In our own country such
men as Horace Greeley, Theodore Parker, and William Ellery Channing have
advocated it. Still, a ready objection of some against the limitation of
wealth is that any attempt to remedy by legislation the inequality of
fortune at once infringes upon the right of personal liberty. Have we no
laws in existence now which infringe upon the right of personal liberty?
Do not our usury laws take some rights from the individual? Does not our
custom-house law, which permits the trunks of every new arrival to be
searched, infringe somewhat upon the right of personal liberty? The
citizen who would object to these laws would have but a very narrow
conception of the true purpose of government. If we examine our laws
closely we shall find many that encroach upon individual liberty for the
sake of public good. Then why should any objection be made to those laws
which tend to limit wealth?
Undoubtedly a tax levied upon all incomes, which would be progressively
raised and graduated according to the amount of the individual or
corporate wealth could be constitutionally enacted. And if a progressive
income tax can be enacted, the graduated inheritance tax can also be
enacted, for the principle is practically the same. Senator David B.
Hill, of New York, has called the progressive tax a "modern fad." It is
so modern, however that it can be traced back to the Romans, Greeks, and
Egyptians. During the palmiest days of Greece--the days of Solon and
Lycurgus--a progressive tax was a stern reality.
Our own country has not been without a progressive tax. In 1797 a graded
inheritance tax was levied by Congress. This law was repealed in 1802.
In 1862 a similar law was passed. But after having been decided to be
constitutional by the Supreme Court, it was repealed in 1872.
Public-domain text, read in full here on John Shaqi.
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