Here's a great video from the Cato Institute giving just 5 reasons why taxing the rich is a crap idea.
The video uses an argument I've employed against my left wing, economically illiterate (I know, I know, it's tautologous) mates. They want to use taxation to reduce a person's consumption of alcohol or cigarettes but then aren't able to make the connection that taxing productivity will have exactly the same effect - there's less of it.
The economy destroying emissions trading scheme currently being debated in Australia works on the same principle. Use the tax system (or a credit system, which is the same thing) to reduce output of CO2.
More tax. Less whatever.
Tax productivity. Less productivity.
It's not too hard to understand, surely?
(Nothing Follows)
3 comments:
Evidently they listened to too much rock in the 60's
"Tax the rich, feed the poor, until there are no rich no more...."
One question, once the rich are gone, who pays for everything?
Answer: the rest of us
I can't believe they had a 73% tax rate on the rich, poor erm I mean rich, no actually poor bastards.
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