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To pay for World War I... [t]he estate tax and the gift tax, which apply to wealth, were expanded and the income tax came to apply to a larger, but s… - David Cay Johnston
" "To pay for World War I... [t]he estate tax and the gift tax, which apply to wealth, were expanded and the income tax came to apply to a larger, but still minute, percentage of Americans.
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About David Cay Johnston
(born December 24, 1948) is an American investigative journalist and author specializing in economics and tax issues. He won the 2001 , and from 2009 to 2016 he was a Distinguished Visiting Lecturer at Syracuse University, Martin J. Whitman School of Management and College of Law, teaching tax, property, and regulatory law of the ancient world. From 2011 to 2012 he was a columnist for , writing, and producing video commentaries on worldwide issues of tax, accounting, economics, public finance and business. In recent years he has also written for and , and is the board president of , Inc. (IRE).
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Birth Name:
David Cay Boyle Johnston
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DC Report
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Additional quotes by David Cay Johnston
[A]ssuming that all the... interest on the federal debt is paid, just from the individual income tax, all the income taxes that you pay from January through the end of April, just go to pay interest on the national debt; and since 86% of federal tax revenues come from labor (and 14% from capital); that means that we explicitly have a policy now to tax labor [in order] to transfer [that revenue] to [privately held] capital.
He has boasted about not paying banks that loaned him billions of dollars. He conned thousands of people desperate to learn... paying up to $35,000 to attend . ...[T]hese professors turned out to be fast-food managers and others with no experience in real estate, the focus of the "university." Because of... law suits Trump paid back $25 million... so the scam would not follow him into the White House.
When this country was founded, there had only been 7 corporations... in the... old British colonial United States, at the time of the Declaration of Independence. Six of them were what today we would either call a charity or a utility. ...One corporation, created in the colony of New Haven, was set up solely to make profit. It was such a scandal they had to shut it down within a year and it took 10 years to clean up the mess. The Founders disliked and distrusted corporations. But they believed in collective bargaining, and I can prove that because in 1792 Congress passed the first significant labor law and subsidy law. It was to benefit the cod fishing industry. We got a quarter of our foreign earnings from cod and we were deeply in debt from... the Revolutionary War. So it was important we had foreign earnings. ...[T]o address ...harassment by the British Navy the cod fishing industry wanted a subsidy, and Thomas Jefferson ...ordered a study and concluded that those ships that only paid wages to their fishermen should be excluded. But if... the workers were paid partly in the share of the profits... then you got the subsidy, and 5/8 of the subsidy went to the workers and 3/8 to the company. ...[T]hat sounds a lot like collective bargaining.
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