11/14/2017

Actually New York Times, It's Impossible For The Rich To 'Hide' Their Wealth

John Tamny, Forbes.com

Why are Cubans so poor? They’ve done very well in the U.S., where emigres from the perpetually recessed country have risen to the top in sports, business and politics. Yet in their own country Cubans are desperately impoverished.

The above question is obviously rhetorical.  We know why Cubans in Cuba are poor. They are because the government there has near total control over the economy. The state owns just about all production, along with income that springs from production.  Of course Cubans are poor.  That's a given where the income tax rate is basically 100%.

Interesting about all this is that while there are surely some congenital socialist holdouts in our midst, most in the U.S. now acknowledge that socialism and communism don’t work.  The economic results of state control are much worse than awful.  The 20th century revealed in bloody fashion (and continues to reveal in countries like Cuba today) what happens when governments become too powerful such that economic and personal freedom are suffocated.  Freedom works, and it works very well.  End of story.

Except that it’s not.  Despite the near perfect batting average of freedom when it comes to boosting individual wellbeing and economic growth, there are always those eager to achieve some kind of balance between freedom and state control.  Even though the state fails murderously when it has total control over us, some are oddly willing to accept a little or a lot of what starves and kills us when its power is absolute.

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The Reagan Tax Cuts Worked

Thanks to "bracket creep," the inflation of the 1970s pushed millions of taxpayers into higher tax brackets even though their inflation-adjusted incomes were not rising. To help offset this tax increase and also to improve incentives to work, save, and invest, President Reagan proposed sweeping tax rate reductions during the 1980s. What happened? Total tax revenues climbed by 99.4 percent during the 1980s, and the results are even more impressive when looking at what happened to personal income tax revenues. Once the economy received an unambiguous tax cut in January 1983, income tax revenues climbed dramatically, increasing by more than 54 percent by 1989 (28 percent after adjusting for inflation).

 

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