Quote of the Day

"There is all the difference in the world, however, between two kinds of assistance through government that seem superficially similar: first, 90 percent of us agreeing to impose taxes on ourselves in order to help the bottom 10 percent, and second, 80 percent voting to impose taxes on the top 10 percent to help the bottom 10 percent -- William Graham Sumner's famous example of B and C decided what D shall do for A.

"The first may be wise or unwise, an effective or ineffective way to help the disadvantaged -- but it is consistent with belief in both equality of opportunity and liberty.

"The second seeks equality of outcome and is entirely antithetical to liberty."

(Professor Milton Friedman)

Comments

Jim said…
People very very rarely vote to increase their taxes, they will vote all the time to increase other peoples taxes, especially if they will receive something from it.

With high taxes though its not really the top 10% who do pay, nor is it even the top 30%, they can afford the accountants and have the offshore accounts. Instead the burden falls on the middle 30 -70% (those working standard jobs) to foot the bill.

Many people will say "soak the rich" the promlems are 1. there are not enough of them. 2. the more they are taxed the more they tax avoid or leave the country and the revenue income actually falls. 3. if its too expensive in tax they wont take the risks and invest money in british business, they will invest elsewhere instead for a better return.

Chris Whiteside said…
Agree entirely, and I think that is a major part of what MF was saying

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