Received this in an email from Gary Pauman of Taxpayers United. As our federal debt continues to run higher, Harry Reid and Barack Obama are always looking for some new way to raise taxes and fund virtually endless government programs. But we don’t have a taxing problem. We have a spending problem. The fact is, despite what tax-and-spend politicians claim, private investors can spend their money much better than the government can. In fact, study after study has shown that the less the government takes from people’s pockets, the more our economy grows. A 2012 study called “Rich States, Poor States” reveals just how much better off the economy is when you let people spend their own money. For example, nine states, such as Texas, Florida, and Nevada, don’t have any income tax. As a whole, their economies grew faster than the rest of the nation. In fact, over the last ten years, states without income taxes grew their economies at almost double the rate of the nine states with the highest income taxes, like California, New York, and Vermont. The reality is, the states that left their residents’ income alone enjoyed an average net job growth of 5.4 percent, while the nine biggest taxers as a group suffered net job losses. But the most revealing numbers just might be what happens when politicians impose an income tax where none had been before. In all eleven states, each felt the economy shrink, like Ohio’s 5.4 percent growth rate dropping to 3.3 percent, or Illinois’ growth rate drop from 6.5 percent to 4.5 percent. Not only that, but each “state that has instituted a personal income tax has failed to reap the projected increase in tax revenues.” This isn’t rocket science, just basic economics. The more politicians take from people, the less money they have to put back into the economy. And the more politicians take from job creators, the less expanding and hiring they can do. We’ve had fifty states testing the theory for years, and the verdict is in: prosperity and high taxes don’t mix. There’s no excuse for any politician on Capitol Hill to claim otherwise. Yet even with all of this, Obama and his ilk continue to claim that more taxes and government spending are exactly what the economy needs to get it back on track. Does this make any sense? Isn’t that what got us in this hole in the first place? That is why members of the National League of Taxpayers continue to fight to put an end to the tax-and-spend policies of lawmakers in Washington. Because if you and I don’t hold them accountable, who will?
Posted on: Sun, 14 Sep 2014 17:20:59 +0000
Trending Topics
Recently Viewed Topics
© 2015