Monday, June 11, 2007

Quote of the Day

"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."

~
IBD Editorial

Remember the simple rules:
1. If you tax something, you get less of it.
2. If you subsidize something, you get more of it.


1 Comments:

At 6/11/2007 11:01 AM, Anonymous Walt G. said...

"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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