Democratic presidents Woodrow Wilson and John F. Kennedy spoke plainly about the fact that higher tax rates on individuals and businesses did not automatically translate into higher tax revenues for the government. Beyond some point, high tax rates on those with high incomes simply led to those incomes being invested in tax-free bonds, with the revenue from those bonds being completely lost to the government -- and the investments lost...
Obama has publicly stated that raising taxes is not about increasing revenue. It is about "fairness" (his words). It is pointless to argue about revenue collected IF the objective of taxation is to punish (my translation of "fairness"). Obama's position on taxes as punishment could easily be rebutted by the Republicans ... but that goes back to Dr. Sowell's previous article about how Republicans refuse to articulate their positions.
There was a time when Democrats and Republicans alike could talk sense about tax rates, in terms of what is best for the economy, without demagoguery about "tax cuts for the rich."
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