Benjamin Franklin’s Take on Taxes

Any suggestions and illustrations in this blog are not intended as financial advice. They are my personal opinions.

Benjamin Franklin is known for saying that nothing is certain but death and taxes. However, he said quite a few other things about taxes and not necessarily about the taxes levied by governments. Here is some of what he said from his Way to Wealth compendium in his final Poor Richard’s Almanac. I am beginning from one of the sections, and this is a direct quote including his punctuation and spelling. The bold print is my addition for emphasis.

Father Abraham stood up, and replied, If you would have my advice, I will give it to you in short; for “a word to the wise is enough,” as Poor Richard says. They joined in desiring him to speak his mind, and gathering round him, he proceeded as follows.

Friends, said he, the taxes are indeed very heavy and, if those laid on by the government were the only ones we had to pay, we might more easily discharge them; but we have many others, and much more grievous to some of us. “We are taxed twice as much by our idleness, three times as much by our pride, and four times as much by our folly; and from these taxes the commissioners cannot ease or deliver us, by allowing an abatement. However, let us hearken to good advice, and something may be done for us; God helps them that help themselves,” as Poor Richard says.”

“It would be thought a hard government that should tax its people one-tenth part of their time, to be employed in its service; but idleness taxes many of us much more; sloth, by bringing on diseases, absolutely shortens life. Sloth, like rust, consumes faster than labor wears; while the used key is always bright,” as Poor Richard says. “But dost thou love life, then do not squander time, for that is the stuff life is made of,” as Poor Richard says. “How much more than is necessary do we spend in sleep? forgetting, that The sleeping fox catches no poultry, and that there will be sleeping enough in the grave,” as Poor Richard says.

“If time be of all things the most precious, wasting time must be,” as Poor Richard says, “the greatest prodigality;” since, as he elsewhere tells us, “Lost time is never found again; and what we call time enough always proves little enough. Let us then up and be doing, and doing to the purpose; so by diligence shall we do more with less perplexity. Sloth makes all things difficult, but industry all easy; and he that riseth late must trot all day, and shall scarce overtake his business at night; while laziness travels so slowly, that poverty soon overtakes him. Drive thy business, let not that drive thee; and early to bed, and early to rise, makes a man healthy, wealthy, and wise,” as Poor Richard says.

So what signifies wishing and hoping for better times? We may make these times better if we bestir ourselves. “Industry need not wish, and he that lives upon hope will die fasting. There are no gains without pains; then help hands, for I have no lands; or, if I have, they are smartly taxed. He that hath a trade hath an estate; and he that hath a calling, hath an office of profit and honor,” as Poor Richard says; “but then the trade must be worked at, and the calling followed, or neither the estate nor the office will enable us to pay our taxes. If we are industrious, we shall never starve; for at the working man’s house, hunger looks in but dares not enter. Nor will the bailiff or the constable enter for industry pays debts, while despair increaseth them.

There is a lot more. The above was written in 1757 for his 1758 edition and a full version is still being published today. If you want my annotated version, email me at GoodiesFromEd@hotmail.com and put “Way to Wealth” as the subject. No messages necessary.