Exploring the resistance from wealthy individuals towards a wealth tax, drawing historical parallels to earlier tax disputes and discussing the constitutional considerations and potential amendments needed for its implementation.
(Note: A version of this episode originally ran in 2019.)
In 1794, George Washington decided to raise money for the federal government by taxing the rich. He did it by putting a tax on horse-drawn carriages.
The carriage tax could be considered the first federal wealth tax of the United States. It led to a huge fight over the power to tax in the U.S. Constitution, a fight that continues today.
This episode was hosted by Greg Rosalsky and Bryant Urstadt. It was originally produced by Nick Fountain and Liza Yeager, with help from Sarah Gonzalez. Today's update was produced by Willa Rubin and edited by Molly Messick and our executive producer, Alex Goldmark.