The more the nation’s Fiscal Doomsday Machine cranks out ever higher spending and fatally rising public debt, the more we realize that the 16th Amendment was a monumental error.
In the end its ratification in 1913 may well turn out to be the inflection point at which American democracy and capitalist prosperity took a fatal turn toward ruination.
It need not have happened had the legislators of that era understood the long-term ramifications of making income taxation the revenue staple of democratic governance. In the first place, of course, any practical appreciation of human nature and the dynamics of democratic governance would tell you…
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