Feeling Insufficiently Crushed by Tax Burdens?
Quoting Doc Zero:
We’ll suffer again when massive tax increases slam into a recessionary economy, pulverizing everyone except their ostensible targets. Contrary to the drivel pushed by increasingly nervous liberals, the fatal flaw in our current system is uncontrolled spending, not insufficiently crushing tax burdens.
The doctor is commenting on Art Laffer’s piece documenting the fact that raising tax rates on the rich results in less tax revenue for the government, while also hurting the middle class by damaging the economy. He includes this quote from JFK in 1963:
Quoting John F. Kennedy:
Tax reduction thus sets off a process that can bring gains for everyone, gains won by marshalling resources that would otherwise stand idle -- workers without jobs and farm and factory capacity without markets. Yet many taxpayers seemed prepared to deny the nation the fruits of tax reduction because they question the financial soundness of reducing taxes when the federal budget is already in deficit. Let me make clear why, in today’s economy, fiscal prudence and responsibility call for tax reduction even if it temporarily enlarged the federal deficit -- why reducing taxes is the best way open to us to increase revenues.
If JFK could understand this concept fifty years ago, you’d think that the liberals in the current administration could understand it too.
Quoting Glenn Reynolds:
Personally, I believe that "fairness" consists in the fruits of my labor not being taken by corrupt hacks to redistribute to their cronies in exchange for votes.