Lyndon Johnson on Tax Reform
Restore the inheritance tax
In the US of the founding era, the new nation did away with aristocrat titles as part of its founding. It also did away with the rule of inheritance. By primogeniture (the whole of a father's estate to go to the first-born son). The goal was a middling
economy that had a preponderance of middle class households, rather than let wealth accumulate and concentrate in the hands of a few.
We currently live in a land of income and wealth inequality that vastly greater than what existed in the middle of
the 20th century: "an equal starting point in the race of life," in Lyndon Johnson's famous image.
There is, moreover, a challenging paradox here. This country has intervened fundamentally in how inheritance is handled--as with the eradication of the
law of primogeniture.
While we ought to restore the inheritance tax, we should not tackle the problem of inheritance at the point where the ambition to pass something on is inspiring parents to do the most they can for their children's education.
Source: Education and Equality, by Danielle Allen, p.115-6
, Feb 9, 2018
6% surcharge to restrain unbalanced economic expansion
We have now enjoyed 6 years of unprecedented & rewarding prosperity. Last year, in 1966:
Our greatest disappointment in the economy during 1966 was the
excessive rise in interest rates and the tightening of credit. They imposed very severe and very unfair burdens. Last year, I recommended fiscal and moderate tax measures to try to restrain the unbalanced pace of economic expansion. Legislatively and
administratively we took several billions out of the economy. I recommend a surcharge of 6% on both corporate and individual income taxes--to last for 2 years or for so long as the unusual expenditures associated with our efforts in Vietnam continue.
Source: Pres. Johnson's 1967 State of the Union message to Congress
, Jan 10, 1967
- Wages were the highest in history-and the unemployment rate, announced yesterday, reached the lowest point in 13 years;
- Total after-tax income of American
families rose nearly 5%
- Corporate profits after taxes rose a little more than 5%
- Our gross national product advanced 5.5%, to about $740 billion;
- Income per farm went up 6%.
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Other past presidents on Tax Reform:
Lyndon Johnson on other issues:
George W. Bush(R,2001-2009)
George Bush Sr.(R,1989-1993)
John F. Kennedy(D,1961-1963)
Harry S Truman(D,1945-1953)
Past Vice Presidents:
Natural Law Party
Page last updated: Nov 07, 2021