According to a report I saw today if we increased to a 100% tax on the wealthy we couldn't cut through next year’s deficit. We would have to tax at 100% everyone in the middleclass and above to cover the budget shortfall coming next year due to the new administrations spending projections. This is ridiculous. We can't sustain under the weight of spending that level of GDP. That report suggested that everyone making $75k or above in annual income would have to pay in every cent to meet this new level of spending... this is outrageous. We are passing along a debt to future generations which is criminal.
ArchivesJune 2010 Ludwig von Mises: 'Used to the conditions of a capitalistic environment, the average American takes it for granted that every year business makes something new and better accessible to him. Looking backward upon the years of his own life, he realizes that many implements that were totally unknown in the days of his youth and many others which at that time could be enjoyed only by a small minority are now standard equipment of almost every household. He is fully confident that this trend will prevail also in the future. He simply calls it the American way of life and does not give serious thought to the question of what made this continuous improvement in the supply of material goods possible.' - Economic Freedom and Interventionism  |
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