Category Archives: Thomas Sowell
As far back as the 1920s, a huge cut in the highest income tax rate — from 73 percent to 24 percent — led to a huge increase in the amount of tax revenue collected by the federal government. Why? Because investors took their money out of tax shelters, where they were earning very modest rates of return, and put their money into the productive economy, where they could earn higher rates of return, now that those returns were not so heavily taxed.
This was the very reason why tax rates were cut in the first place — to get more revenue for the federal government. The same was true, decades later, during the John F. Kennedy administration. Similar reasons led to tax rate cuts during the Ronald Reagan administration and the George W. Bush administration.
All of these presidents — Democrat and Republican alike — made the same argument for tax rate reductions that had been made in the 1920s, and the results were similar as well. Yet the invincible lie continues to this day that those who oppose high tax rates on high incomes are doing so because they want to reduce the taxes paid by high income earners, in hopes that their increased prosperity will “trickle down” to others.
Thomas Sowell addresses several arguments that have been on my mind. Progressive policies like minimum wage and welfare that have destroyed families, institutionalizing poverty and hopelessness among the minorities and socio-economic groups they pretend to care about.
Mr. Thomas also voices the fact that Reagan’s economic policies were so pro-business that the economy grew, “rich” Americans were able to expand their businesses, hiring more so many employees that the economic gap between races and sociology-economic groups narrowed.
Talk about inconvenient truths that our Marxist-socialist media refuse to report: the true consequences of artificially dictating minimum wages; the results of not allowing doctors and pharmaceutical companies to charge fees that allow them to offer their patients/customers quality care, drugs, testing, and services. We already see Yahoo, the AP, and other progressive mouthpieces all decrying unnecessary testing without discriminating between unnecessary CYA testing and life saving cancer screening that SAVES lives.
Drug shortages are here. Our president and his union minions are supporting these faux AstroTurf sit-ins (with their expensive signs, T-shirts, and PAID protesters, most likely in order to promote unrest so that they can declare martial law.
Times are dangerous indeed. It is time to stand up and be counted or it will be too late. Parents, if you want your children to enjoy the freedom of their heritage, it is time to join us now: join a TEA Party, 9-12 group, or other Constitution-loving conservative group today.
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.
From the original article:
At one time, people like Rockefeller, Edison, Ford and the Wright brothers were regarded as heroes, for having opened vast new possibilities for other human beings. The fact that they got rich doing it was an incidental part of the story.
But today we seldom even know the names of those who have made these monumental contributions to human well-being. All we know is that some people have gotten “rich” and that this is to be regarded as some sort of grievance.
Many of the people we honor today are people who are skilled in the rhetoric of grievances and promises of new “rights” at someone else’s expense. But is that what is going to make a better America?
“How did we reach the point where black voters put racial patronage and racial symbolism above the education of their children and the safety of everyone?”
Government Spending Cannot Grow the Economy
…because Government Money is Taken FROM the Economy!
Tracing the history of the national debt back to the beginning of the country, the CBO finds that the national debt did not exceed 50 percent of GDP, even when the country was fighting the Civil War, the First World War or any other war except World War II. Moreover, a graph in the CBO report shows the national debt going down sharply after World War II, as the nation began paying off its wartime when the war was over…
When you take money from the taxpayers and spend it to rescue the jobs of one set of workers– your union political supporters, in this case– what does that do to the demand for the jobs of other workers, whose products taxpayers would have bought with the money you took away from them? There is no net economic gain to the country from this, though there may well be political gains for the administration from having rescued their UAW supporters.
CLICK HERE to read the entire article–well worth it, as always!