Says Thomas, "class warfare politics can increase votes for his reelection, even if it raises no more tax revenues for the government."
From the book...
...a tax system which denies him the right to receive a reasonable share of his earnings, then he will no longer exert himself and the country will be deprived of the energy on which its continued greatness depends.
...when, as a result of an excessive or unsound basis of taxation, it becomes evident that the source of taxation is drying up and wealth is being diverted into unproductive channels, yielding neither revenue to the Government nor profit to the people, then it is time to readjust our basis of taxation upon sound principles.
It seems difficult for some to understand that high rates of taxation do not necessarily mean large revenue to the Government, and that more revenue may often be obtained by lower rates.
The Constitution expressly provides that "no money shall be drawn from the Treasury but in consequence of appropriations made by law; and a regular statement of the receipts and expenditures of all public money shall be published from time to time." This Constitutional requirement has been evaded... [some things never change!]
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