12/31/19By H. Randolph Holder
If you’re cheering on Elizabeth Warren in her assault on Capitalism and Capitalists, including her “Wealth Tax on crying billionaires” to pay for her socialist programs, it would be wise to remember our history in taxation. When the federal income tax was first pitched it was only supposed to be on a very few, select wealthiest of Americans, only 2% of all households. Only five years later, 20% had to file tax returns and that number doubled to 40% by the 10th year. And consider this: in order to know upon whom to levy her and Bernie’s Wealth Tax, the IRS will need to know how much in assets each and every American has; and that includes you.