
Taxes Have Consequences
An Income Tax History of the United States
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Narrated by:
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Rick Adamson
The definitive history of the effect of the income tax on the economy.
Ever since 1913, when the United States first imposed the income tax via constitutional amendment, the top rate of that tax has determined the fate of the American economy. When the top rate has been high, as in the late 1910s, the 1930s, 1940s, 1950s, and 1970s, the response of those with money and capital has been to curtail real economic activity in favor of protecting assets and income streams. Huge declines have come to the economy in these circumstances. The most brutal example was the Great Depression itself. When the top tax rate has been cut and held at reduced levels—as in the 1920s, the 1960s, in the long boom of the 1980s and 1990s, and briefly in the late 2010s—astonishing reversals have occurred. The rich have brought their money out of hiding and put it to work in the economy. The huge swings in the American economy since 1913 have had an inverse relationship to income tax rates.
©2022 Arthur B. Laffer, PhD, Brian Domitrovic, PhD, and Jeanne Cairns Sinquefield, PhD (P)2022 KaloramaListeners also enjoyed...




















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This book by Laffer basically proves that the tax code has neutered the power of the government to enforce high marginal tax rates on businesses and the wealthy. It gives the invaluable insight as to why high marginal tax rates lower tax revenues, and reveals the confounding variable behind the illusion of the great compression: TAX WRITE OFFS FOR BUSINESS and LEGAL TAX AVOIDANCE. High marginal tax rates don't inherently lower tax revenues. Rather, our tax code, largely a product of business lobbying, allows the wealthy to allude high tax rates legally. This will NEVER CHANGE, unless we scrap the tax code. If you have a business, its great advice for cutting your tax bill.
Do not read this book without a working knowledge of economics, US economic history, and CRITICAL THINKING SKILLS, or you will be misguided. This book assumes taxes are the problem and basically attempts to prove that premise, and as a result, does not tell the full story. it grossly omits the effects of major events on the economy because it assumes that taxes are the root of all booms and busts without context.
This book focuses on the growth of the economy, but makes little mention of the economic state of those in the economy, except with sckewed metrics like "standard of living metric", which has nothing to do with the purchasing power of the common American worker. this book looks at tax revenues, but almost never mentions the national debt or deficit, unless it supports their case at the time. This book doesnt really mention the governments inability to invest in its people for education, infrastructure, research and development, social services, or economic relief, without taking on massive debt. There are mentions of the unemployment rate, but how well did those jobs pay? I can't remember ANY mention of stagnant wages adjusted for inflation (except stagflation and taxflation in the 70s), or how wages no longer track productivity for the common worker. This book sheds light on the illusion of historical lower income inequality, but ignores income inequality as a problem otherwise, as well as income inequality's damaging effects on our democracy through lobbying in politics. It skews some concepts of Keynesian economics. How does an economic book address the crashes of 1929 and 2008 without ANY mention of the similar causes of those crashes; investment bubbles, banking practices, derivates, etc? High taxes have come and gone often, so there had to be other factors in 1929 and 2008. How do you ignore Vietnam, the removal of the Gold standard, and OPEC as major contributors to the 70's stagflation and horrid economy? It argues against widely accepted economic conclusions, with complicated explanations that lead to conclusions contrary to widely accepted economic truths and COMMON SENSE, suggesting that this book is highly biased, especially when you consider the parts of history this book omits. Economic concepts are pretty simple, and the best lies contain some truth.
This book is either half misguided, or written by intelligent people, who sound intelligent, with the intent to mislead and influence the readers opinions, who may not use critical thinking to challenge the authors' assertions to determine its truths from it's half truths.
proof of the broken tax code, and half the story
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