Iowa County democrat. [volume] (Mineral Point, Wis.) 1877-1938, 1907-06-13
THE FORTUNE TAX.

The fortune or inheritance tax as
suggested by President Roosevelt is
one of the important questions Of
American politics. 1t will in all prob
ability be the subject Ci considerable
discussion in the campaign Of next
year; and it is therefor in order for
every voter to have a good under
standing of the principle involved. In
speaking before the National Editorial
association at Norfolk, Va, on Mon
day, the President made the inheri-
lance tax an important part of his
address, and thus explained his posi-
ton:
"Most great civilized countries
have an income tax and an Inherit
ance tax. In my judgement both
should be part of our system Of fede-
raj taxation. 1 speak difficulty
about the income tax because one
scheme for an income tax was declared
unconstitutional by the supreme court
by a five to four vote; and in addition
it is a difficult tax to administer in
it's practical workings, and great care
would have to be exercised to see
that it was not evaded by the very
man whom it is most desirable to
have taxed.
Gin my judgment, however, the
Inheritance tax is both a far better
method of taxation, and far more i'm
portant for the purpose | have in
view-the purpose of having the
swollen fortunes of the country bear
in proportion to their size a constant
Iy increasing burden of taxation.
These fortunes exist solely because of
the protection given the owners by the
public They are a constant source
of care and anxiety to the public and
it is emiuently just that they should
be forced to pay heavily for the pro-
lection given them. 1t is, of course,
elementary that the nation has the
absolute right to decide as to the
bequest or devise from another. We
have repeatedly placed such laws on
our own statute books, and they have
repeatedly been declared cOnstitu
tional by the courts. [ believe that
the tax should contain the progressive
principle. Whatever any individual
receives, whether by gift, bequest, or
devise, in life or in death, should,
after a certain amount is reached, be
increasingly burdened; and the rate
of taxation should be increased in
proportion to the remoteness of
the blood of man receiving from the
man giving or devising.
CT do not believe that any advan-
tage comes either to the country as a
whole or to the individuals inheriting
the money by transmission in their en-
tirety of such enormous fortunes as
have been accumulated iu America.
The tax could be made to bear more
heavily upon persons residing out of
the country than upon those residing
within it, Such a heavy progressive
tax is OF course in no shape or way a
tax on thrift or industry, for thrift
and industry have ceased to possess
any measurable Importance in the
acquisition of the swollen fortunes of
which | speak long before the tax
would in any way seriously affect
them. Such q tax would be one of
the methods by which we should try to
preserve a measurable equality of
opportunity for the people of the
generation growing to manhood. AS
Lincoln pointed out, there are some
respects in which men are obviously
not equal; but an equality of self-re-
spect and of mutual respect, an equal
ity of rights before the law, and at
least an approximate equality in the
conditions under which each man OBJ
tains the chance to show the stuff
that is in him when compared with
his fellOws.'