Thomas Sowell on Taxes

Thomas Sowell on Taxes

In the early 20s the tax rate on the top Income was 70 73 percent Uh the And the people making over a hundred Thousand dollars paid something like 30 Of all taxes By the end of the decade the tax rate on The top had been cut to 24 People making over a hundred thousand Now paid 65 of all taxes and the reason Was quite simple that when you have the Tax rate at 73 People simply don’t pay it they put Their money into tax exempt securities And arrange their financial affairs so What we’re really talking about do you Want a symbolic high tax rate on on the High income people To win votes politically uh which to Which the rich themselves are not going To pay Or do you really want more tax revenue Coming into the government

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