James Madison Quotes
A just security to property is not afforded by that government, under which unequal taxes oppress one species of property and reward another species.
Madison, James. "Property." The Papers of James Madison, vol. 14, 6 April 1791 – 16 March 1793, edited by Robert A. Rutland, et al., University Press of Virginia, 1983, pp. 266-268.
Throughout most of the world, the rich and the aristocrats have been able to reduce or eliminate their tax obligations with the burden falling more heavily on the common people. Progressive taxation was thought to be a solution, but even in the United States by the 21st century many huge corporations paid little or no taxes while there was a heavy tax burden on small companies. Rich people generally paid a smaller percentage of their income than middle class people.
This law established a fundamental principle that allowed capital to be invested in new and needy territories without running the risk of the locals discriminating against businesses or establishments owned by strangers. Many states and communities still find ways to favor local businesses but not be discriminatory taxation.
This became known as the Buffet Principle—that the very rich should not pay a lower tax rate than the workers who make far less money than they do. President Barack Obama used this principle by name in calling for the 2011 Jobs Act which would eliminate some of the loopholes and exemptions by which the rich could avoid some or much or their tax obligation.
At the time, he, th richest man in America was paying a lower ta rate than his secretary, his employees and the waiter who served him lunch. The “Buffet Rule” was developed and named for him that said that wealthy people should pay a minimum rate of taxation regardless of tax credits, deductions and other means of tax avoidance.
James Madison Jr. was an American statesman, diplomat, expansionist, philosopher, and Founding Father who served as the fourth president of the United States from 1809 to 1817. He is hailed as the "Father of the Constitution" for his pivotal role in drafting and promoting the Constitution of the United States and the United States Bill of Rights. He co-wrote The Federalist Papers, co-founded the Democratic-Republican Party, and served as the fifth United States Secretary of State from 1801 to 1809.
