Skip to comments.An Overdue Book (Sowell on taxes)
Posted on 11/26/2012 2:24:04 PM PST by jazusamo
If everyone in America had read Stephen Moore's new book, "Who's The Fairest of Them All?", Barack Obama would have lost the election in a landslide.
The point here is not to say, "Where was Stephen Moore when we needed him?" A more apt question might be, "Where was the whole economics profession when we needed them?" Where were the media? For that matter, where were the Republicans?
Since "Who's The Fairest of Them All?" was published in October, there was little chance that it would affect this year's election. But this little gem of a book exposes, in plain language and with easily understood facts, the whole house of cards of assumptions, fallacies and falsehoods which constitute the liberal vision of the economy.
Yet that vision triumphed on election day, thanks to misinformation that was artfully presented and seldom challenged. The title "Who's The Fairest of Them All?" is an obvious response to liberals' claim that their policies are aimed at creating "fairness" by, among other things, making sure that "the rich" pay their "fair share" of taxes. If you want a brief but thorough education on that, just read chapter 4, which by itself is well worth the price of the book.
A couple of graphs on pages 104 and 108 are enough to annihilate the argument about "tax cuts for the rich." These graphs show that, under both Republican President Calvin Coolidge and Democratic President John F. Kennedy, high-income people paid more tax revenues into the federal treasury after tax rates went down than they did before.
There is nothing mysterious about this. At high tax rates, vast sums of money disappear into tax shelters at home or is shipped overseas. At lower tax rates, that money comes out of hiding and goes into the American economy,...
(Excerpt) Read more at creators.com ...
This is the strangest question of all of history. My guess is that if we learn the answer to it, we will know things unimaginable to most everyone. The fact that things have playedout as they have, for any rational thinking person, boggles the mind.
Sowell is right 99.99% of the time
” There is nothing mysterious about this. At high tax rates, vast sums of money disappear into tax shelters at home or is shipped overseas. At lower tax rates, that money comes out of hiding and goes into the American economy,...”
Totally done bought it and stuff.
If Thomas Sowell recommends it, I buy it.
Bump for thomas sowell.
Amen! His endorsement is is gold, IMHO.
You grossly underestimate his accuracy.
Yeah, right on the mark again. Thanks for the ping jaz.
Well, that’s the problem....Dems are mostly people who read very little unless it’s porn or an entertainment/scandal rag. People magazine is probably the magazine of choice for most Dems who read anything. The reason they’re Dems is that they either don’t read anything worthwhile, or they don’t read anything period. Believing facts can enter the mind of a Dem is like throwing a pebble at The Rock of Gibraltar and expecting it to shatter.
One of the three most worthwhile economics books I've ever read. The others are "Economics in One Lesson" and "The Wealth of Nations".
From the Presidential primary debate. 4/16/08
Charles Gibson: “...and in each instance, when the rate dropped, revenues from the tax increased. The government took in more money. And in the 1980s, when the tax was increased to 28%, the revenues went down. So why raise it at all, especially given the fact that 100 million people in this country own stock and would be affected”?
Obama: “Well. Charlie, what I’ve said is that I would look at raising the capital gain tax for purposes of fairness”.
That is the crux of the problem. The vast majority of those involved in pubic edumakashen do not know how to THINK. Tragically, they are the ones "teaching" our youth and those in power like it that way.