It's not a repeat though Dr. Sowell has indeed said many things on this subject.
Posted on 05/16/2011 3:48:59 PM PDT by library user
~ EXCERPT ~
We could definitely use another Abraham Lincoln to emancipate us all from being slaves to words.
In the midst of a historic financial crisis of unprecedented government spending, and a national debt that outstrips even the debt accumulated by the reckless government spending of the previous administration, we are still enthralled by words and ignoring realities.
President Barack Obama's constant talk about "millionaires and billionaires" needing to pay higher taxes would be a bad joke if the consequences were not so serious. Even if the income tax rate were raised to 100% on millionaires and billionaires, it would still not cover the trillions of dollars the government is spending.
More fundamentally, tax rates — whatever they are — are just words on paper. Only the hard cash that comes in can cover government spending. History has shown repeatedly, under administrations of both political parties, that there is no automatic correlation between tax rates and tax revenues.
When the tax rate on the highest incomes was 73% in 1921, that brought in less tax revenue than after the tax rate was cut to 24% in 1925. Why? Because high tax rates that people don't actually pay do not bring in as much hard cash as lower tax rates that they do pay. That's not rocket science.
(Excerpt) Read more at investors.com ...
Tax something, and there will be less of it. Subsidize something and there will be more of it. Taxing rich people and subsidizing poor people will cause there to be fewer rich people and more poor people.
A voice of sanity during this “Fiscal Fiasco”
Is this a repeat? I didn’t see it on your recents.
Bump a great read!
It's not a repeat though Dr. Sowell has indeed said many things on this subject.
Aside from the whole statist anti-federalism asshat business, he was a great guy.
Ping
Thanks, Kas. :-)
You’re very welcome :)
Can you imagine where we’d be as a country if facts actually meant something to big brother?
“You cannot help the poor by destroying the rich.
You cannot strengthen the weak by weakening the strong.
You cannot bring about prosperity by discouraging thrift.
You cannot lift the wage earner up by pulling the wage payer down.
You cannot further the brotherhood of man by inciting class hatred.
You cannot build character and courage by taking away men’s initiative and independence.
You cannot help men permanently by doing for them, what they could and should do for themselves.”
— Abraham Lincoln
It depends upon whether the goal is to repair the economy, or sink it. If it isn't obvious that the final goal is socialist domination, and that subservience and obeisance are the milestones that measure the accomplishment, then I guess the Argentina experience was a wasted lesson. Got rice?
- New Jersey painting contractor
That's because liberals surround themselves with a wall of impenetrable willful ignorance, not stupidity. If you manage to find a way to explain a concept clearly and without ambiguity, they will simply pretend not to understand (even when they quickly grasp more difficult topics that don't clash with their world view).
The whole issue, I think, is that they fervent believe and hope that utopia on Earth can be achieved. They don't want to be faced with any fact that puts the attainment of that goal into doubt.
I've tried time and time again to persuade liberals of just what Sowell is trying to say but to no avail.
write out the numbers longhand...if the demtard immediately gets that 'duh' deer-in-the -headlights look, well, just move on...
Thanks for the ping jaz. 2012 can’t come fast enough obviously, but we need someone that thinks along the lines of Dr. Sowell to kick the economy in the tail end. It isn’t going to happen under this guy Obama, the Street Punk in Chief.
BTTT
“Taxing rich people and subsidizing poor people will cause there to be fewer rich people and more poor people.”
The top 1% account for 39% of income taxes. Scare them away and it would mean taxes would have to go up TWO-THIRDS (actually more due to disincentive effects of higher taxes) for the rest of us to make up the difference. So I, for one, am deeply GRATEFUL to these 1-percenters for their contribution to the tax coffers. I find the barely-disguised contempt and envy in those who derisively refer to them as “millionaires and billionaires” appalling. The vast majority of individuals in that tax bracket have earned their wealth, not inherited it. Thus, loading on an even higher burden onto their backs in my book is simply punishing the very success/hard work we ought to be encouraging.
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