The Legal Battle over Taxing Unrealized Gains and Historical Insights on Wealth Taxation

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The chapter delves into a legal case challenging the taxation of unrealized gains, leading to a broader debate on taxing assets that appreciate over time. It also explores historical perspectives on wealth taxation, examining George Washington's estate, leadership, and the symbolic significance of a carriage tax in 1794.

(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.

Listen back to our 2019 episode: "Could A Wealth Tax Work?"

Listen to The Indicator's 2023 episode: "Could SCOTUS outlaw wealth taxes?"

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.

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