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Lyndon Johnson on Tax Reform

 

 


Restore the inheritance tax

In the US of the founding era, the new nation did away with aristocrat titles as part of its founding. It also did away with the rule of inheritance. By primogeniture (the whole of a father's estate to go to the first-born son). The goal was a middling economy that had a preponderance of middle class households, rather than let wealth accumulate and concentrate in the hands of a few.

We currently live in a land of income and wealth inequality that vastly greater than what existed in the middle of the 20th century: "an equal starting point in the race of life," in Lyndon Johnson's famous image.

There is, moreover, a challenging paradox here. This country has intervened fundamentally in how inheritance is handled--as with the eradication of the law of primogeniture.

While we ought to restore the inheritance tax, we should not tackle the problem of inheritance at the point where the ambition to pass something on is inspiring parents to do the most they can for their children's education.

Source: Education and Equality, by Danielle Allen, p.115-6 , Feb 9, 2018

6% surcharge to restrain unbalanced economic expansion

We have now enjoyed 6 years of unprecedented & rewarding prosperity. Last year, in 1966:Our greatest disappointment in the economy during 1966 was the excessive rise in interest rates and the tightening of credit. They imposed very severe and very unfair burdens. Last year, I recommended fiscal and moderate tax measures to try to restrain the unbalanced pace of economic expansion. Legislatively and administratively we took several billions out of the economy. I recommend a surcharge of 6% on both corporate and individual income taxes--to last for 2 years or for so long as the unusual expenditures associated with our efforts in Vietnam continue.
Source: Pres. Johnson's 1967 State of the Union message to Congress , Jan 10, 1967

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Other past presidents on Tax Reform: Lyndon Johnson on other issues:
Former Presidents:
Barack Obama(D,2009-2017)
George W. Bush(R,2001-2009)
Bill Clinton(D,1993-2001)
George Bush Sr.(R,1989-1993)
Ronald Reagan(R,1981-1989)
Jimmy Carter(D,1977-1981)
Gerald Ford(R,1974-1977)
Richard Nixon(R,1969-1974)
Lyndon Johnson(D,1963-1969)
John F. Kennedy(D,1961-1963)
Dwight Eisenhower(R,1953-1961)
Harry S Truman(D,1945-1953)

Past Vice Presidents:
V.P.Joseph Biden
V.P.Dick Cheney
V.P.Al Gore
V.P.Dan Quayle
Sen.Bob Dole

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Page last updated: Nov 07, 2021