Critics have called a wealth tax 'un-American,' but the idea is as old as the American Revolution
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- The idea of levying a tax on the wealthy has become more popular, and critics have attacked the idea as "un-American."
- But the history of progressive taxation in the US dates back to the founding of the country.
- So perhaps a wealth tax is a return to the Founders' principles, rather than a radical change.
- Tom Shachtman is an author. His most recent book The Founding Fortunes: How the Wealthy Paid for and Profited From America's Revolution, was just published by Saint Martin's Press.
- This is an opinion column. The thoughts expressed are those of the author.
- Visit Business Insider's homepage for more stories.
Although more than 70% of the federal government's income from personal taxes is paid by people making above $100,000 a year, progressive taxation has been in decline for the last 75 years.
Currently the 400 wealthiest Americans, billionaires all, pay a smaller percent of their income in taxes (around 23%, according to economists Emmanuel Saez and Gabriel Zucman) than do Americans with incomes nearer the national average income of $69,000 a year (a 25% to 30% rate). See the rest of the story at Business Insider
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