Wealth taxes are on the current political table and hotly debated. All taxation was on the framers' table as they considered a new constitution. What would they make of the measures we are considering now? And more to the point: does the Constitution they drafted allow Congress to tax a person's overall wealth?
The short answer: yes and no. The longer answer requires historical context.
In the six months preceding the Federal Convention of 1787, Congress received from the separate states, which alone possessed powers of taxation, a grand total of $663—hardly enough to run the nation. Little wonder that the framers' proposal, what is now our Constitution, granted Congress sweeping authority to levy taxes: “The Congress shall have Power to lay and collect Taxes, Duties, Imposts and Excises …”
Read Full Article »