“It is a paradoxical truth that tax rates are too high and tax revenues are too low and the soundest way to raise the revenues in the long run is to cut the rates now … Cutting taxes now is not to incur a budget deficit, but to achieve the more prosperous, expanding economy which can bring a budget surplus.”

– John F. Kennedy, Nov. 20, 1962, president’s news conference

The times however, are a bit different. But the principle is ultimately the same. Do we squeeze the onion more?

It is different when you’re talking about 90% top marginal rates and 35% top marginal rates. I’ll admit that easily.

Personally I think any amount is too high, much less I think progressive tax systems are inefficient, etc. I could go on all day. Taxing income is rather silly anyway from an economic standpoint. From a political standpoint it’s brilliant.

Maybe it’s just me, but do you ever stop and ask yourself: “Why do we tax income?”
Maybe it’s just me, but I think people deserve to get their money before Uncle Sam does.  Maybe we should go back to the days when the income tax was new (Thanks Woodrow Wilson!) and have TSA (Tax Saving Accounts) where every family wrote a check to the government on April 15th.  Everyone knew all that year how much they paid in taxes because they remember writing that check.  Now ask anyone walking around on the street how much they paid in taxes last year.  Eventually someone will grow up and get passed the impersonal nature of the question and realize they don’t have a clue.  “But I got money back, so I didn’t pay any.”

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