The Federal Government should keep estate taxes as a reserve in times of national stress. All prior inheritance taxes have been war taxes; and it is only now that it is proposed to destroy this reserve in times when revenues from other sources are adequate and even in excess of the Nation's needs. Such a course of action is not only thoroughly unsound but borders on economic suicide.
Andrew W. Mellon, Taxation: The People's Business. (New York: The Macmillan Company, April, 1924), 124.
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