Tax Rates for Limiting the Leviathan

In McCulloch v. Maryland (1819), Chief Justice John Marshall wrote: "A right to tax, without limit or control, is essentially a power to destroy." President Obama has talked a lot lately about the wealthy paying their "fair share" of the tax burden.  Who could argue that anyone should be exempted from paying his fair share?  But almost half of Americans pay no federal individual income tax, and the bottom quintile "pays" a negative income tax.  What about their "fair share"? Fair-minded folks must surely think that all taxpayers should be allowed to keep half of what they earn.  What's fair is fair, right?  But keep in mind that for decades before 1982, the top federal individual income tax rate was way above 50 percent. However, if Hauser's Law is correct, tax rates make little difference in determining tax revenue.  In "You Can't Soak the Rich" (which originally appeared in The Wall Street Journal on May 20, 2008), economist David Ranson wrote: [Kurt...(Read Full Article)