Planet Money The Carriage Tax (Update)
31 snips
Jun 26, 2024 Explore the origins of wealth taxation in the 1790s, sparked by George Washington's opulent horse-drawn carriage. Delve into the contentious carriage tax debates and their connections to current wealth tax discussions. Discover how these historical events shaped modern legal battles around asset taxation. Uncover Alexander Hamilton's defense of the tax and the complexities of constitutional requirements for wealth taxation today. Finally, listen to reflections on how today's economic trends could influence future financial policies.
AI Snips
Chapters
Transcript
Episode notes
Washington's Carriage
- Greg Rosalsky visited Mount Vernon, George Washington's home, focusing on Washington's carriage.
- This carriage is key to understanding the debate around wealth taxes.
First Federal Wealth Tax
- In 1794, George Washington introduced a tax on carriages to raise money, targeting the wealthy.
- This carriage tax can be viewed as the first federal wealth tax in the United States.
The Cream-Colored Carriage
- George Washington's actual carriage was ornate and cream-colored with gold trim.
- A cream-colored carriage was a status symbol, showcasing wealth by demonstrating the ability to keep it clean.