Sowell – 7/11/2012 USA
People over 65 years of age have far more wealth than people in their thirties and forties -- but lower incomes. Obama claims that he wants to tax "the wealthiest Americans" is a lie and an emotional distraction for propaganda purposes.
A Democratic president -- John F. Kennedy -- stated the issue plainly. Under the existing tax rates, he explained, investors' "efforts to avoid tax liabilities" made them put their money in tax shelters, because existing tax laws made "certain types of less productive activity more profitable than other more valuable undertakings" for the country.
In other words, raising tax rates does not automatically raise tax revenues for the government. Higher tax rates have often led to lower tax revenues for states, the federal government and other countries. Conversely, lower tax rates have often led to higher tax revenues. It all depends on the circumstances.
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