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years or more would have to pay taxes of 20 percent on those assets. “It would be like a capital gains tax on great accumulations of wealth in this country,” he said. - He said such a tax would bring in .about $2 trillion the first year to reduce the national debt and lesser amounts in later years. “I was working on this when I left the Senate,” he said. “Things were not nearly as bad then."
He added, “If we taxed the Vanderbilts and Morgans to the point where they had to go back to work instead of buying horses and paintings, the Japanese wouldn’t know what hit them, with all those acquisitive genes turned loose.”
Another theme of Mr. McCar
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