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...
By the way, both tax rate increases mentioned in ADR. Sowell's column caused a recession in the same year they were adopted. The 1990 increase also had huge regulatory attacks added to it, which finally killed the golden goose which was the Reagan boom. 105 months straight of growth under Reagan's economy. 2 very deep recessions under Clinton. 90 months of growth under Bush-43. 3 months until late April 2009 under the Uncle Twit.
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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