In response to:

Prophets and Losses: Part II

renny4 Wrote: Feb 06, 2013 5:17 PM
One of Clinton's first taxes was a "luxury" tax on boats and yachts, that was only supposed to hit "the rich". And what happened? The rich stopped buying boats and yachts or bought them in the islands or Mexico. Boat and yacht builders here tanked, marinas went bankrupt, local taxes for towns and cites that depend on water activities and sports saw tourism and local revenues dry up, and did Cong. get any big money hit off its luxury tax on boats? No, but it ruined a marina on my river that was 100 years old and another boatworks in town that went back to the Rev. War. And they are done, finished in 1990s, closed forever, the product of Cong.'s meddlling.

Editor's Note: This column is part II in a series. Part I can be found here.

People on both sides of tax issues often speak of such things as a "$300 billion tax increase" or a "$500 billion tax decrease." That is fine if they are looking back at something that has already happened. But it can be sheer nonsense if they are talking about a proposed increase or decrease in the tax rate.

The government can only raise or lower the tax rate. Whether the actual tax revenues that the government will collect as a result will go up or...