Saturday, December 30, 2006

Teddy Roosevelt on the estate tax

From Teddy Roosevelt's message to Congress, Dec. 3, 1906:
I feel that in the near future our national legislators should enact a law providing for a graduated inheritance tax by which a steadily increasing rate of duty should be put upon all moneys or other valuables coming by gift, bequest, or devise to any individual or corporation. ... The prime object should be to put a constantly increasing burden on the inheritance of those swollen fortunes which it is certainly of no benefit to this country to perpetuate.
From Roosevelt's speech on "The New Nationalism," Osawatomie, Kan., Aug. 31, 1910:
No man should receive a dollar unless that dollar has been fairly earned. Every dollar received should represent a dollar's worth of service rendered -- not gambling in stocks, but service rendered. The really big fortune, the swollen fortune, by the mere fact of its size acquires qualities which differentiate it in kind as well as in degree from what is possessed by men of relatively small means. Therefore, I believe in a graduated income tax on big fortunes, and in another tax which is far more easily collected and far more effective -- a graduated inheritance tax on big fortunes, properly safeguarded against evasion and increasing rapidly in amount with the size of the estate.

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