|
|
Article: The case against capital confiscation.(capital gains taxes)
- Article from:
- USA TODAY
- Article date:
- July 1, 1997
- Author:
CopyrightCOPYRIGHT 1997 Society for the Advancement of Education. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
If Thomas Jefferson thought taxation without representation was oppressive, he should see how bad it is with representation. According to the Tax Foundation, if the average middle-income wage earner's 1997 salary, starting from Jan. 1, went to pay taxes, it would have taken until May 7 to meet all the Federal, state, and local payments due. By comparison, "Tax Freedom Day" in 1940 was March 8; in 1930, Feb. 13. It will take more than one-third of the year or two hours and 47 minutes of each eight hours' earnings by the average middle-income taxpayer to produce one person's share of the 1997 tax bill. In 1930, it was 57 seconds!
As this column was being written, ...