Thomas Sowell on Obama and Taxes
This was taken from an article by Thomas Sowell, a black economist and senior fellow at the Hoover Institute, published in Townhall.com, July 14, 2012:
"Ironically, the Obama campaign's attacks on Mitt Romney for putting his money in the Cayman Islands substantiate the point that President Kennedy and others have made, that higher tax rates can drive money into tax shelters, whether tax-exempt municipal bonds or investments in other countries.
In other words, raising tax rates does not automatically raise tax revenues for the government. Higher tax rates have often led to lower tax revenues for states, the federal government and other countries. Conversely, lower tax rates have often led to higher tax revenues. It all depends on the circumstances.
But none of this matters to Barack Obama. If class warfare rhetoric about taxes leads to more votes for him, that is his bottom line, whether the government gets a dime more revenue or not. So long as his lies go unchallenged, a second term will be the end result for him and a lasting calamity for the country."
"Ironically, the Obama campaign's attacks on Mitt Romney for putting his money in the Cayman Islands substantiate the point that President Kennedy and others have made, that higher tax rates can drive money into tax shelters, whether tax-exempt municipal bonds or investments in other countries.
In other words, raising tax rates does not automatically raise tax revenues for the government. Higher tax rates have often led to lower tax revenues for states, the federal government and other countries. Conversely, lower tax rates have often led to higher tax revenues. It all depends on the circumstances.
But none of this matters to Barack Obama. If class warfare rhetoric about taxes leads to more votes for him, that is his bottom line, whether the government gets a dime more revenue or not. So long as his lies go unchallenged, a second term will be the end result for him and a lasting calamity for the country."
The last paragraph is particularly telling. Obama has only one objective. . . to be re-elected and he cares not what he does to achieve it. And, I fear that as long as he rails "tax the rich" and "spread the wealth" there are enough people on the welfare gravy train that respond to that he will be re-elected.
BO must GO
posted by Donald G Davidson at 1:55 PM
1 Comments:
Remember a 2010 Sowell's post? http://news.investors.com/article/537967/201006211813/is-us-now-on-slippery-slope-to-tyranny-.htm
His 2003 book "Applied Economics: Thinking Beyond Stage One" (was translated into Chinese and Polish, by the way) is influenced by Hazlitt's and Bastiat's requirement to always consider all "what is seen and what is not seen."
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