Tax Cuts Do What?

Opinnion Journal ^ | February 29, 2004 | Thomas Sowell

[GaryL]

Some years ago, the distinguished international-trade economist Jagdish Bhagwati was visiting Cornell University, giving a lecture to graduate students during the day and debating Ralph Nader on free trade that evening. During his lecture, Prof. Bhagwati asked how many of the graduate students would be attending that evening's debate. Not one hand went up.

[GaryL]

Another great "Economics 101" article by Thomas Sowell. Be sure to read the part about the Reagan tax cuts!

[Semper Paratus]

And Kerry's going to 'stick it' to those who make 200,000 or more.

[skip2myloo]

bump and bookmark

[SamAdams76]

Kerry's going to "stick it" to those who make $40,000 or more.

[Eric in the Ozarks]

Why does Ralph Nader refuse to open his books ?

[metesky]

freerepublic.com/focus/f-news/1084273/posts

[College Repub]

I heard he made millions in the 90s investing in the stock fortune 500 companies, particularly Intel...

[Thom Pain]

Kerry wants to stick it to all of us. Make sure to vote in November.

[expat_panama]

silly stuff that Ralph Nader was saying had been refuted by economists ages ago

"Demagoguery beats data in making public policy."

So many great lines in the article-- great post.  But the thrust of the essay is depressing, that "the economics profession fails to educate the public on the basics".   We see it here on the freerepublic a lot, where the big government - tax & spend types talk about how 'true conservatives' should applaud Pat Buchanan.   Sheesh - music to Kerry's ears.

Back in '92 Clinton was saying "George Bush created lots of jobs-- in Mexico!".  He was appealing to the same mindlessness that Kerry is today.

Question for the group:  Would Kerry flip right over and expand free trade like Clinton did?

[mathluv]

bttt

[skip2myloo]

I don't know, ask him.

Having said that however, I disagree with all this rage for politicians to disclose personal information.

Tax returns, and other financial, military and medical information is nobody's business - it's private.

If somebody did something illegal, then arrest, prosecute and punish them.

All disclosure does is feed perceptions, which oftentimes are false to begin with.

At worst disclosure might prove hypocrisy, but that's neither a crime nor disqualifying in my view.

[jmstein7]

BUMP!

An economic-primer for the Econ challenged.

[Eric in the Ozarks]

Nader has held himself out not as a politician, but as a person involved only in "public interest" organizations. Yet, his "perg" and other groups receive federal and state moneys, lobby lawmakers for new legislation, solicit tax-deductable donations and are active in our court system on behalf of...well, that's the question.
Who is Ralph Nader, and who is Ralph Nader, Inc ?

[KC_for_Freedom]

Tax returns, and other financial, military and medical information is nobody's business - it's private.

I don't think so. I believe privacy is involved, but there are other important elements too.

In having public disclosure of ALL campaign contributions you have the best control over people or groups attempting to "buy" influence. We need to know the politicians base fortune as well as how he or she got the fortune. If I suddenly discovered a fortune in my work, my employer would want to know if I sold company secrets to the enemy. Now I agree about privacy, you don't need to know this about everyone, only the people you place a great deal of trust in. (I worked in a field where I had access to nuclear weapon designs, should I hold that my income tax records and bank accounts are private, or should I have sighed on to voluntary disclosure?) Note, I emphasize voluntary, these politicians can hold out if they have something to hide.

[Fee]

That is the salary of IT working couples. With outsourcing, that income group will shrink in numbers. Since service industry and skilled manufacturing workers are being outsourced, the tax income from this group will shrink. If all the wealth coming back from the global economy rests in corporations, their CEO, the lawyer class that guides them and executive staff, and very little is given to the US workers because of global overseas lower cost labor, than where is the federal, state and local governments able to sustain their current budgets/services even under the current tax structure? Even if we cut the government in half, I do not see enough tax revenues under this tax structure to pay for the services. The remedy may be tax the class where most of the money is concentrated under the new global economy/pay structure because not much will be obtained from the workers below.

[gooleyman]

Another great "Economics 101" article by Thomas Sowell.

-----
You got that right. I read the whole article without knowing who wrote it. I was saying things like "YES!" and "That is very true" and other agreeing statements throughout. Then I got to the last line describing his latest book. Then I said, "No wonder I was agreeing so much."

The guy just makes so much sense. Thank God for him.

[lewislynn]

Toyota has already produced its 10 millionth car in the U.S.

Yes but for comparison purposes, how many of those cars are for the Japanese market?

Building Toyotas here makes good business sense...as Henry Ford said "build'em where they buy'em"

[skip2myloo]

I thought you were talking about his personal records.

Any public corporation, or tax exempt organization should be doing business in the sunshine, with their books wide open.

[skip2myloo]

You financial worthiness should be part of your SBI investigation -- but, that is not available for public scrutiny.

Campaign contributions are open to scrutiny as a result of FEC Regs - and they should be.

But, I believe Ralph Nader's personal records should remain private.

[KC_for_Freedom]

But, I believe Ralph Nader's personal records should remain private.

OK, but since I was willing to share my records with some officials, (and the entire Clinton Administration) maybe we could compromise that a review board see the private records of our presidential candidates? I honestly believe if Ralph Nadar runs on an environmental platform but is wealthy because of open pit mining stocks then it ought to be an open campaign issue. And he should do it openly and voluntarily, I do not want to see disclosure at the point of a gun. If he wishes to keep records private, then maybe we can assume he has something to hide. (After all, he has the "fire" in his belly to be president, something many of us don't aspire to.)