We have pushed taxation of wealth to a point in Great Britain where in many cases the yield would be greater if the rate were less. The idea that prosperity can be wooed by chasing millionaires is one of the most common and most foolish of modern popular delusions.

There is no such thing as a good tax.

In our personal ambitions we are individualists. But in our seeking for economic and political progress as a nation, we all go up or else all go down as one people.

The first theory is that if we make the rich richer, somehow they will let a part of their prosperity trickle down to the rest of us. The second theory was the theory that if we make the average of mankind comfortable and secure, their prosperity will rise upward through the ranks.

We passed massive tax cuts to bring back jobs and factories home from other countries. We've cut a record number of job-killing regulation. We ended the war on American energy. And the United States is now the number-one producer of oil and natural gas anywhere in the world, by far.

In 1913 for reasons unknown to mankind, they established the income tax so that citizens, rather than foreign countries, would start paying the money necessary to run our government.