In his autobiography, Calvin Coolidge singled out tax-exempt bonds as a travesty; idiotic, improper, probably immoral, and something which needed to be addressed.
Firmly believing that all the income of the nation had to be treated equally (and that public debt was hostile to liberty) Coolidge decried this special treatment, stating point-blank that it provided a way for the wealthy to hide their income from taxation, made it too easy for local governments to amass debt, and benefited local politicians and the buyers of their bonds all at the expense of the taxpayers who had to cover the interest on the debt.
In Coolidge’s day, the courts had ruled that the Federal government didn’t have the power to tax municipal bonds – cities are incorporated …
Well, it’s official. Barack Obama is now the first African American (am I supposed to still say that, or am I supposed to say “black” now? I can’t get this Political Correctness down right it seems) to be nominated by a major party for President, as long as you don’t include Warren Harding, Thomas Jefferson, Abraham Lincoln, Andrew Jackson, and Calvin Coolidge.
Oh, that list surprised you? If so, you may want to watch this video:
Regardless of whether the information in the video is true of not, Obama certainly IS the first person to receive the presidential nomination of a major party BECAUSE he is African American.
I am, in one regard, happy to see a person of color nominated. Witnessing an historic event …
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