March 24, 2019
Hoover for President

From Beard’s Basic History of the United States, on the election of the Republican Herbert Hoover in 1928:

Gross inequalities in the distribution of wealth, long the subject of populist, progressive, and socialistic criticism, Hoover had frankly faced, to the alarm of conservatives, and he proposed to attack them by the use of the inheritance tax. The inheritance tax, he declared in 1919, “does redistribute overswollen fortunes. It does make for equality of opportunity by freeing from the dead hand control of our tools of production. It reduces extravagance in the next generation and sends them to productive service.” To Republicans who had assailed the income tax of 1894 as communistic that must have sounded like treason to the Grand Old Party; and to scholastic economists, a foolish flouting of “natural law.”
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Posted by Jerome Doolittle at March 24, 2019 05:32 PM
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