In an earlier post we mentioned how Washington DC has thrown in with Wall Street. And why not? That’s where the money is, where it continues to flow, and through our current system of crony capitalism will continue to flow until people say “enough.”
On February 3, 1913 Delaware ratified the 16th Amendment to the Constitution which created the income tax. It was a dark day for America yet some see it as a day to be celebrated, or ahem, “commemorated.” Professor Ajay K. Mehrotra at Indiana University is one of these people. In an essay in Bloomberg he explains to us that the income tax was not born from any effort “radically” redistribute of wealth, but in fact from a high minded progressive effort more interested in “balanc(ing) fiscal duties and civic responsibilities.”
The federal government has just decided that poverty for family of 4 in New York City means an income of up to $37,500, not $22,500. Quite a leap. As before, the figure excludes earned income tax credit cash checks from the government and also medical and other non-cash assistance.