Sunday, December 5, 2010

Demagoguery Unanswered / Do Republicans understand that “demagoguery beats data”?

Thomas Sowell  "As for “the rich” — who really were rich in those days, when $100,000 was worth more than a million dollars is worth today — those in the highest income brackets paid 30 percent of all taxes in 1920 and 65 percent of all taxes by 1929, after “tax cuts for the rich.”
"How can that be? Because high tax rates on paper — which many people avoid — often do not bring in as much tax revenue as lower tax rates, which more people actually pay, because it is safe to come out of tax shelters and earn higher rates of taxable income.
"The investors do this because it makes them better off, on net balance, even after they pay more money in taxes on incomes that have gone up. More important, the economy benefits when there is more investment in things that create more jobs and greater output."  Emphasis added.
Hey, I was an hourly employee who carried a toolbag at work. If I can see this, why can't our elites and intellectuals? More to the point; why do they choose NOT to?

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