Tax Withholding Makes Taxpayers More Agreeable To Higher Taxes
First, I hope you have a wonderful weekend!
Just dropping a quick line this afternoon as I saw an article in the Wall Street Journal today titled, “Number of Americans Caught Underpaying Some Taxes Surges 40%” that made me think of a point I’ve often made in private.
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Confiscation Leads to Prosperity?
As hard as it might be to believe, income tax rates in this country have at times exceeded 90%. And, perhaps even more surprisingly, the country was relatively prosperous during those same periods. Not so surprisingly, the high tax rates are often attributed with the widespread national prosperity. But we know correlation does not equal causation. Check out the tweet below for just one such recent example.
@ThomasEWoods @DrJillStein In the 50s and 60s, the top tax rate was over 90% ? Productive years, growth in industry, infrastructure, educ.
— gardeniabee (@gardeniabee) October 22, 2016