Posts tagged ‘taxes’
Professor Antony Davies, Duquesne University, explains why higher tax rates won’t help to balance the budget in this short video.
Here are the points that Professor Antony Davies makes.
The federal government has increased the amount of tax revenue it has collected over the last fifty years. That is because our economy and population has grown over that time period, as has inflation.
A more useful way to analyze tax revenue is to track tax revenue as a percentage of GDP. Each year the government takes a slice of [...]
Arthur B. Laffer, Stephen Moore, and Jonathan Williams in the latest publication of Rich States Poor States1 by the American Legislative Exchange Council (Alec.org) provide the 10 Golden Rules of Effective Taxation:
When you tax something more you get less of it, and when you tax something less you get more of it. Individuals work and produce goods and services to earn money for present or future consumption. Taxes create a wedge between the cost of working and the rewards from working. An increase in tax rates [...]
The Goose That Laid the Golden Eggs is one of the most famous of Aesop’s fables. The cottager and his wife kill the goose to get the great lump of gold they think is inside. However, they find it is no different than any other goose. Their greed deprived them of a future steady income. So it is with the notion that we must tax the rich to pay for our out-of-control spending.
Raising tax rates on the rich will kill the golden goose. Increasing tax rates will discourage [...]
Our tax system is a monstrosity that began as a 4-page form for individuals to complete in 1913 and has grown to 176 pages, if you count today’s 1040 with instructions. For corporations, it’s even worse. The National Taxpayers Union reports that General Electric in 2006 set a record by filing a 24,000 page tax return! We waste 7.64 billion hours costing $227 billion trying to comply with the byzantine rules formulated over the years in response to special interest groups(1)