Taxing rich doesn't lead to economic prosperity
Letter to the Editor
Last updated 10/10/2019 at 10:01am
In the Oct. 3 edition, Lee Hughes closed his column with “It’s simple: tax the rich.”
The only thing simple in that statement is the nature of Mr. Hughes understanding of economics: simpleton. The fact is, while that may ‘seem’ ideal to increase revenues by taxing the rich, in reality the facts don’t bear out. It has been repeatedly shown that when taxes are are raised on the rich, the total revenues go down and the reverse is also true, when the tax rates go down the revenues go up. It would appear that Mr. Hughes has not worked in a government job where he actually saw the results of the revenue stream, or for that matter has even read anything by economist Thomas Sowell, who repeatedly makes a point of enlightening simpletons on this matter.
Hughes used the bold headline, “Of fear mongering and false narratives”, and then went on to again show how little he knows about the social security system or minimum wage theory. Again, you have to actually look at the results, not what you ‘wish’ will happen. Actual history has proven time and time again that minimum wage increases have the exact opposite effect that is intended. Again, Thomas Sowell has quite a bit to say about this, including his own experience where the rate of inflation outstripped a minimum wage raise so he made more than minimum wage. Wages are driven by the economy, not legislation. You can legislate other things, but the economy takes its own course.
Mr. Hughes needs to take a course in economics, or at least study the data of past attempts to do what he suggests.