Saturday, 26 August 2017

Quote of the Day: On taxing the rich (and the semi-rich)


“In view of what they hear from the experts, the people cannot be blamed for their ignorance and their helpless confusion. If an average housewife struggles with her incomprehensibly shrinking budget and sees a tycoon in a resplendent limousine, she might well think that just one of his diamond cuff links would solve all her problems. She has no way of knowing that if all the personal luxuries of all the tycoons were expropriated, it would not feed her family—and millions of other, similar families—for one week; and that the entire country would starve on the first morning of the week to follow . . . . How would she know it, if all the voices she hears are telling her that we must soak the rich?
     “No one tells her that higher taxes imposed on the rich (and the semi-rich) will not come out of their consumption expenditures, but out of their investment capital (i.e., their savings); that such taxes will mean less investment, i.e., less production, fewer jobs, higher prices for scarcer goods; and that by the time the rich have to lower their standard of living, hers will be gone, along with her savings and her husband’s job—and no power in the world (no economic power) will be able to revive the dead industries (there will be no such power left).”

~ Ayn Rand, from her article ‘The Inverted Moral Priorities’

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1 comment:

  1. This is patent nonsense.
    The rich were still rich when the US economy taxed them at a higher rate, and the US was booming.
    The rich build excuses like this to keep justifying the uric acid they pass as "trickle down".
    The Pope said it well when he said that the glass the rich are filling just keeps getting bigger.
    The obscenity that is currently world wealth "distribution" makes this statement obvious that it is a sad sick lie inflicted on the world by those with the power and the money.

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