Lincoln's Argument for the constitutionality of Wealth Taxes

[David Lockmiller]

(04-18-2023 12:03 AM)David Lockmiller Wrote:  The only question is as to sustaining the change before the people. I believe it can be sustained, because it does not increase the tax upon the "many poor'' but upon the "wealthy few'' by taxing the land that is worth $50 or $100 per acre, in proportion to its value, instead of, as heretofore, no more than that which was worth but $5 per acre. This valuable land, as is well known, belongs, not to the poor, but to the wealthy citizen.

On the other hand, the wealthy can not justly complain, because the change is equitable within itself, and also a sine qua non to a compliance with the Constitution. If, however, the wealthy should, regardless of the justness of the complaint, as men often are, when interest is involved in the question, complain of the change, it is still to be remembered, that they are not sufficiently numerous to carry the elections.

Verry Respectfully
A. LINCOLN

Collected Works of Abraham Lincoln. Volume 1. Pages 147-148.
Lincoln, Abraham, 1809-1865.

New York Times, The Morning by David Leonhardt, April 24, 2023

The standard measure of a nation’s economic performance is per capita gross domestic product — the value of the economy’s output divided by the size of the population. Today, the U.S. still accounts for almost 25 percent of global output, nearly the same share as in 1990, even as China’s share has soared.

G.D.P. does not measure a typical person’s standard of living. Per capita G.D.P. is an average, and an average can be distorted by outliers. The U.S. is highly unequal, which means that the wealthy take home a larger share of output than in other countries.

Since 2000, per capita G.D.P. in the U.S. has risen 27 percent, but median household income has risen only 7 percent. Income for the top 0.1 percent of earners has jumped 41 percent.