TAXES: To Limit the Bite

Wyoming started it all, back in 1939. By last week, with Idaho and Tennessee lately joining the parade, 32 state legislatures had followed Wyoming in an extraordinary appeal: Congress should set about amending the Constitution to limit the federal income-tax bite. Many of the "memorials" propose a specific federal ceiling: 25% of an individual's taxable income. Existing constitutional ceiling: none. Maximum under present law: 87%.

The 33 total is highly cheering to advocates of income-tax limitation, because the Constitution says, in Article V, that Congress "shall call a Convention for proposing Amendments" upon request of two-thirds, or 32, of the...

Want the full story?

Subscribe Now

Subscribe
Subscribe

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!