Professor Mark J. Perry's Blog for Economics and Finance
"History shows that tax hikes on the rich don't raise much if any revenue. Turns out the rich got that way by being smart. They find ways to shelter money, but at great cost to the economy."
Dr. Mark J. Perry is a professor of economics and finance in the School of Management at the Flint campus of the University of Michigan. Perry holds two graduate degrees in economics (M.A. and Ph.D.) from George Mason University near Washington, D.C. In addition, he holds an MBA degree in finance from the Curtis L. Carlson School of Management at the University of Minnesota. In addition to a faculty appointment at the University of Michigan-Flint, Perry is also a visiting scholar at The American Enterprise Institute in Washington, D.C.
1 Comments:
"Yet, today, it's a myth — one widely held, unfortunately — that the rich don't pay their "fair share" of taxes."
That might be true at a higher political level. I think most people want what they see other people have. My dad was a poor sharecropper in Arkansas who grew up with nine brothers and sisters in a tin and tarpaper shack during the depression.
He always said they were poor, but everyone else was, too. So, they were happy. It wasn't until he saw what other people had that he realized how much he did not have. He was twelve-years-old before he saw someone else’s indoor plumbing.
I think a bit of jealousy is playing out in the “soak the rich” mentality. As a GM worker in Flint, I have a job that attracts a lot of envious attention. I got where I am at by luck and hard work. Likewise, that’s probably how the rich made their fortune. I think too many people dwell on what they don’t have and fail to set goals to get where they want to be in life. Taking money away from the rich so they have outhouses like the poor can’t solve that problem.
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