From a recent column in The Wall Street Journal by Senator Paul: There is an implication, he observes, “that raising taxes—that is, extracting and confiscating more income from workers and businesses—is harmful to the economy.
I am easily persuaded of this truism. As Milton Friedman said, nobody spends someone else’s money as frugally or as wisely as they spend their own.
But if raising taxes would lead us toward trouble…
Following Democrat traditions, President Obama claims the rich and corporations don‘t pay enough taxes. However, the rich and corporations pay EXACTLY the taxes that Democrats desire. If the rich and corporations were under-taxed, Democrats would have raised their taxes during President Obama‘s first two years when no Republican support was needed (like Democrats passed Obamacare). But, Democrats didn’t increase taxes. Democrats didn’t even consider taxes on the rich or corporations until after last Fall’s election.
Claims that the rich and corporations are under-taxed are intended to divert attention from Democrat excessive spending and unconscionable deficits. Most Americans know that continuing trillion dollar deficits lead inevitably to financial disaster, excessive inflation, a decline in our standard of living, and/or poverty for future generations of Americans.