Unfortunately, all of the current policy making position are occupied by socialist moron monkeys with hand grenades.
Just an observation...but the general argument here is that by taxing the rich...you will shift the newly found tax revenue to the needy.
No study...by any university or country...has ever shown that this occurs. I would welcome anyone who has noted such a survey or analysis....but to this day, newly created tax revenue...just falls into a bucket and becomes part of the old bucket of spending money.
So, my suggestion is simple. The next time you have some dimwits suggest taxing the rich...agree with them. But there’s this deal. You note what the new tax will create...a finite number. And you then want the government to just plain write out a check to every American over 21 who makes less than $20,000 a year.
You create a fancy tax on the rich worth $40 billion? Fine, every single penny falls from the gov’t’s pocket to a check....all within weeks, not years. No fancy programs, no statues, no bridges, no loans to Brazil, no solar panels....just plain write the stupid check out and dump the money onto the broke American.
Expectation? The congressman will be a bit worried...this wasn’t the method of disbursement or reallocation. All of this money needed to shuffle into programs....not a check. The resting spot of the money? That’s the curious thing...by using the check method...within two months...all of this newly created rich-tax revenue....has been pumped back into the real economy. Companies, businesses, and real America benefit. The poor guy bought some new tires, or a new used car....doesn’t matter...it was something that someone created and sold on the US market.
Odds of this happening? Zero. The wealth tax folks can’t allow you to screw up the billions-on-programs strategy that they’ve created.
I love Thomas Sowell. If he ever ran for office, I would move to his district just to be able to vote for him.
But “Vast sums of money ... far more jobs and far more tax revenue for the government” doesn’t really cut it as the proof at the end of an article on tax policy and economics. He should have told us how much is “vast” and how many is “far more”.
“taxable incomes of $300,000 a year or more — equivalent to far more than $1 million in today’s money —”
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Classic understatement! The truth is probably more like ten million than one million and I am probably still understating it by a large margin. Go to Biltmore in North Carolina and realize that the cost of the whole thing, including many square miles of mountain land cost only three million at the turn of the twentieth century. You couldn’t build the greenhouse for that now.
I love Thomas Sowell. Thanks for posting this.