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...
Fair Tax is the way to go. It is a tax only on new goods and services. It encourages people to earn more money. The underground society would end up paying as well. Several years ago I worked for one of the large tax preparers. We had people call who wanted to know how much they had to make to get the maximum earned income credit. Once they reached that point, their income for the rest of the year would be under the table. The more you spend, the more you pay. You control what you pay. Not the government. Taxes paid by companies are actually paid by the consumer anyway. If anyone is interested go to fairfax.org or there are 2 books out about Fair Tax, I found them at my local library.
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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