Posted on 03/17/2021 9:46:11 AM PDT by JV3MRC
Economic adviser to late President Ronald Reagan Arthur Laffer joined Fox Business yesterday to dismantle the nutty economic thinking behind President Joe Biden’s leftist tax agenda.
Fox Business host Larry Kudlow asked Laffer if it was “true that rich people and corporations — and by the way, small business tax hikes are in this Democratic plan — is it true they don’t pay their fair share?” Biden has been reportedly eyeing the “first major” tax hike since 1993, which would include reversing some of former President Donald Trump’s tax cuts. Laffer didn’t hesitate in his answer: “No, it’s not true, Larry. I mean, when you raise taxes on the rich, what you do know is that the rich pay less in taxes.”
Laffer said the rich could typically resort to using “evasion, avoidance, underground economy, tax shelters — all sorts of things — legal and illegal to get around the taxes. And that’s been true from time and memorial.” In Laffer’s assessment, “All taxes are bad. But some are worse than others.” Laffer later summed up his frustration with the leftist tax agenda: “Have you ever heard of an economy being taxed into prosperity?”
(Excerpt) Read more at newsbusters.org ...
Ha! You think they want prosperity?!
Master Xi would not be pleased.
Come on Larry. You know economic growth is just an afterthought with the left. They’ll be happy with no growth if it makes us all equal in their definition.
Destruction is the Left’s goal. They know exactly what they are doing here.
Democrat presidents mess things up. Then Republican presidents must set things right again. Unfortunately there might not be any more Republican presidents.
Since, based on the size of the budget and this $1.9 trillion ‘relief’ package, spending has absolutely no relationship to revenue, why worry about raising taxes? Heck, why even worry about HAVING taxes? Just borrow all of it.
Unless Bezos gives away most of his stock, Warren’s wealth tax will get more money from him for years to come.
Taxation,like the theft that it often is, can prove profitable in the short term.
Well-connected Democrats will always be “more equal” than most Americans.
There are other policies/laws that need to be put into place as well. For starters, a guaranteed $200/hr minimum wage for everyone willing to work and for those unwilling a guaranteed basic income of $150k. This will eradicate poverty in America. The homeless problem needs to be solved too. The government should pay all mortgage and rents on first homes. Some say, it should include vacation homes, but as a fiscal conservative I think that goes too far. It should suffice that people should be required to take an entire three months vacation each year. That's mandatory as part of a mental health initiative. Then, of course, free health care for all. That covers the major bases. People should be able to clothe and feed themselves with the money or basic income they earn.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.