Thomas Sowell on History & Consequences of Income Envy Tax Policy
Thomas Sowell: Read Back to the Future: Part III
In other words, the genuinely rich are likely to be the least harmed by high
tax rates in the top brackets. People who are looking for jobs are likely to be
the most harmed, because they cannot equally easily transfer themselves overseas
to take the jobs that are being created there by American investments that are
fleeing from high tax rates at home.
Small businesses — hardware stores, gas stations or restaurants for example —
are likewise unable to transfer themselves overseas. So they are far more likely
to be unable to escape the higher tax rates that are supposedly being imposed on
“millionaires and billionaires,” as President Obama puts it. Moreover, small
businesses are what create most of the new jobs.