[Vision2020] more proof that Thomas Sowell is a racist

[Gabe Storm]

I just wanted to take this opportunity to apologize to Thomas Sowell, for
calling him a racist.
And before I forget, I'd like to apologize to everyone else that I've called
a racist previous to this, like Mr. Keim who did nothing wrong other than
make an unrelated post on Vision 2020 and I attacked him. Someone help me,
please!

On Thu, Oct 30, 2008 at 2:58 AM, No Weatherman <no.weatherman at gmail.com>wrote:

> Taxing Times
> The economy is not a zero-sum game where someone gains what others lose.
> By Thomas Sowell
>
> Chief Justice John Marshall said it all in one sentence: "The power to
> tax is the power to destroy."
>
> It is not the money that is taxed away that is destroyed. What is
> destroyed is the wealth that does not get produced in the first place,
> because high taxes make its production not worthwhile.
>
> Those who are receptive to Senator Barack Obama's plan to increase
> taxes on "the rich" seem not to understand that the issue is the
> nation's loss of wealth. Today, wealth can leave the country when
> heavy taxes threaten it — instantly, in an age of electronic financial
> transfers — and create jobs and economic growth overseas, instead of
> at home.
>
> The two months between the time of a presidential election and the
> time when the new president takes office is an eternity in terms of
> how much money can be transferred out of the country electronically
> before any new high-tax laws can be enacted.
>
> Like so much that is said glibly by Barack Obama, raising taxes on
> "the rich" has serious — and potentially disastrous — implications for
> the whole country that have been ignored amid the political euphoria.
>
> Moreover, like so much that is proposed under the magic mantra of
> "change," it is something that has been tried before in many countries
> and failed before in many countries.
>
> Much wealth from Third World countries flows out to richer countries
> like Switzerland or the United States, where it is safer from
> confiscation. Jack up the capital-gains tax rate in the U.S. and more
> Americans can be expected to send their capital elsewhere.
>
> That means sending jobs elsewhere, so that even people with no capital
> to invest lose employment opportunities.
>
> Economists have trouble determining how many people are affected by a
> tax increase because those affected extend far beyond those who write
> the checks to pay the government.
>
> Taxes on businesses can get passed along to consumers, in whole or in
> part, even though it is only the business that writes the check to the
> government.
>
> Payroll taxes or government-mandated employee benefits may be paid for
> directly by the employer, but these costs reduce the value of an
> employee to the employer. If these costs add up to $10,000, for
> example, employers bidding for labor may bid $10,000 less in salary
> than they would have otherwise.
>
> As in other cases, who writes the checks does not tell you who really
> pays the costs, since the worker is now $10,000 worse off. The idea
> that you can single out one segment of society to be taxed or
> mandated, for the benefit of the rest of society, is reminiscent of a
> San Francisco automobile dealer's sign: "We cheat the other guy and
> pass the savings on to you."
>
> The economy is not a zero-sum game where someone gains what others
> lose. The whole economy can lose when ill-considered policies gain
> political popularity and stifle economic growth.
>
> People who do not own a single share of corporate stock can still lose
> big time when capital gains taxes are raised — not only because jobs
> can follow capital out of the country, but also because millions of
> working people's pension plans own corporate stock, and those people's
> retirement incomes will depend on the value of those stocks, which is
> reduced by capital-gains taxes.
>
> One of the biggest taxes is one that is not even called a tax:
> inflation. When the government spends money that it creates, it is
> transferring part of the value of your money to themselves. It is
> quiet taxation but often heavy taxation, falling on everyone, no
> matter how low their incomes might be.
>
> By the end of the 20th century, a $100 bill could not buy as much as a
> $20 bill would have bought in the middle of that century. For people
> who saved cash, inflation amounted to an 80-percent tax. For others,
> it was an 80-percent tax minus whatever cumulative interest or
> dividends they received on the money they invested.
>
> Given the staggering cost of the government's financial bailouts,
> there is no way that Barack Obama's grandiose spending plans can be
> carried out without inflation.
>
> When politicians start talking about taxing "the rich," remember the
> old saying: "Send not to know for whom the bell tolls. It tolls for
> thee."
> — Thomas Sowell is a senior fellow at the Hoover Institution.
> (c) 2008 CREATORS SYNDICATE, INC.
>
> http://article.nationalreview.com/?q=ZWRjMjIxMDE4NGRmZDdmMDE0OGEwZmZmMjI5ZGZiZTg=
>
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