Income tax is an excise (tax) on the transfer of money.
The transference (event) is that which is taxed.
Income tax is an excise (tax) on the transfer of money.
The transference (event) is that which is taxed.
The "money" in question is non-treasury issued money. Bank credit or other money substitutes.
That "money" is measured by ones wages.
I like the tree and fruit analogy. Phrase it in terms of the 16th amendment. Income derived (severed, separated from the source) from any source whatever. Has your pay been severed from you? I would say not. Think of a house (property), someone rents it from you. The rent is the fruit of that property (it has been severed from the source).
I believe that an income tax on bank credit could have been sustained before the 16th amendment was ever dreamed up. It is a red herring.
An excise on the use of bank credit or other money substitutes. You don't have to use those money substitutes, you could use Lawful Money issued by the treasury and be protected by the direct tax clauses.
I really don't like the term "wages" it carries to many weird, differing meanings. I think I'll stick with compensation for my time.