Thomas Sowell - Tax Cuts For The Rich

[Angelina-qxgp]

In the 1970s the UK Labour government had the top rate of tax at 83%. This led to high earners leaving the country. Punitive tax rates do not work.

[daveo]

I was a lefty for years until I actually took an interest in economics. The longer you study economics the more right-leaning you become.

[friggindoc]

I used to be a leftist but then I heard Friedman and Sowell speak...

[markpugner]

The Bernie supporters are trickling into the comment section.

[alexanderchenf]

I would love the people around me getting richer. More charity, tips and customer spendings for me.

[ironcityblue]

The collective has no authority over the wealth property and labor of others.

[duaneronan]

What would happen if the income tax were eliminated entirely? Revenues from other tax sources would increase so much they would overwhelm the lost income tax revenue. Try explaining that to the cattle on their way to the slaughter house. I tried.

[Katalmach]

You exactly prove my point. They never chose to leave because they prefer tariffs, it lessens competition and raises barriers to entry which makes market domination easier at the expense of the consumer.

[chiefb]

I have read several books by Dr. Sowell. Thank you for your insight. Now I am teaching the unteachable liberalism of the democratic mindset'

[Jeevanm]

Why not cut out the loopholes in our tax system instead of cutting taxes?

[DarthBalsamic]

I'm reading this book now and it's sooo good. Definitely inciteful and truly illuminates the foolery among the political class. Alot of of people fall for this stuff Sowell is pointing out. Good stuff.
Take heed.

[deadman]

The majority of the people do not see it that way. They seem to think that rich people owe the nation for their prosperity. They don't understand that a person who has acquired wealth provides goods and services and employment for people. They pay property and sales tax in the community they live in as well as wherever the business is located. The persons they employ pay taxes too... The more you tax the less incentive there is to stay... hence outsourcing and offshore accounts

[bradleysmith]

Too bad Sowell doesn't use proper information regarding Kennedy.. Kennedy didn't cut taxes.. He reduced the top rate to 71% -- but at the same time increased rates on capital gains and closed loopholes. He rearranged the taxes because he understood the rich were claiming more and more as capital gains. The end result of Kennedy's rearrangement was a tax INCREASE...

[genealso]

All it takes is for you to listen to Sowll and Friedman. Conservative fiscal policy is not perfect but it's the best we got.

[jean-mariebontemps]

During the 1970s, inflation was running close to double digits. Therefore the figures given by Mr. Sowell are slightly misleading with regard to his comparison on the proportion of income tax revenues paid by incomes above 100 000 (see 2:10). Nevertheless, the statistic given is somewhat interesting. 

[jacobgeist]

He gives 4 examples: 2 coincided with massive bubbles which obviously increased revenues, 1 (JFK) actually worked, and Reagan tripled the national debt. Not the best track record.

[iandexter]

This is literally just common sense. But unfortunately there are people who just don’t understand this fundamental economic principle and it’s sad to know that.

[MrSamuelPascal]

We need him to speak up for the economics community . We never use trickle down economics it does not exist!

[RBsRealm]

Actually it’s for the middle class, the people who buy stuff and drive economic growth.

[fzqlcs]

Government intervention with labor laws and workplace regulations have made American labor uncompetitive and forced outsourcing. The solution is not to punish consumers by taking away less expensive choices, it is by stripping away government's ability to make domestic products so pricey. Products exist to meet consumer demands not simply because producers produce them.