A Quote by Barack Obama, Sr.
Theoretically, there is nothing that can stop the government from taxing 100 per cent of income so long as the people get benefits from the government commensurate with their income which is taxed.
Related Quotes
Here's the truth. The proposed top rate of income tax is not 50 per cent. It is 50 per cent plus 1.5 per cent national insurance paid by employees plus 13.3 per cent paid by employers. That's not 50 per cent. Two years from now, Britain will have the highest tax rate on earned income of any developed country.
The top 10 per cent of the US population appropriated 91 per cent of income growth between 1989 and 2006, while the top 1 per cent took 59 per cent.
It makes no difference to a widow with her savings in a 5 percent passbook account whether she pays 100 percent income tax on her interest income during a period of zero inflation or pays no income tax during years of 5 percent inflation. Either way, she is 'taxed' in a manner that leaves her no real income whatsoever. Any money she spends comes right out of capital. She would find outrageous a 100 percent income tax but doesn't seem to notice that 5 percent inflation is the economic equivalent.
The dual effect of high growth creating higher income that's taxed by government at all levels, combined with lessening demands placed on government that occurs during economic prosperity, is a worthy objective.
Our royalty statement has been minimal and menial. Really. We don't collect more than a per cent of a per cent of a per cent of a per cent of a per cent of a per cent of a per cent. We get maybe the seventh of 1 percent.
Income splitting benefits only fifteen per cent, mostly the wealthiest Canadians, but it's paid for by everyone.
Progressive taxation of income and profits means that precisely those parts of the income which people would have saved and invested are taxed away
I am for 100 per cent Americanism, 100 per cent efficiency, and 100 per cent life. I expect to live to be 100 years old.
Government income redistribution programs produce the same result as theft. In fact, that's what a thief does; he redistributes income. The difference between government and thievery is mostly a matter of legality.
We've been prepared to make the arguments for lowering corporation tax, which is all about encouraging risk takers, encouraging entrepreneurs, and I observe that for the vast majority of the Labour government we had a top rate of 40 per cent income tax. It's now higher, and I think we should look to get to a simpler, lower tax system.
Getting back to 100 per cent is one thing, but working at 100 per cent is something else entirely. And given one of my main goals has always been improving my skill set, to do that, I need to be working out at 100 per cent.
As an economist, the only advice I can give the Modi government is to take some steps that will raise the morale of the consumer and investor. That means income tax abolition and reducing the annual interest rate to nine per cent.
The theory of the IRS is rather repugnant to me because the assumption is made that I, the government, owns 100% of your income and I permit you to keep 5%, 10% or 20%. You're vulnerable, you've sold out. The government can take 80% if they want, which they did at one time.
The tax that was supposed to soak the rich has instead soaked America. The beneficiary of the income tax has not been the poor, but big government. The income tax has given us a government bureaucracy that outnumbers the manufacturing work force. It has created welfare dependencies that have entrapped millions of Americans in an underclass that is forced to live a sordid existence of trading votes for government handouts.
I think it's terrible for people in effect to say that income from investment should be taxed at a much lower rate than income from labor.
I often repeat three numbers: 20-23-26. Quebec generates only 20 per cent of Canada's wealth; it represents 23 per cent of the population, but it does 26 per cent of government spending in Canada. That's incompatible with good financial health over the long term.
Related Authors
Adam Smith Quotes
Scottish
Economist
Alan Greenspan Quotes
American
Economist
Benjamin Graham Quotes
American
Economist
Friedrich August von Hayek Quotes
Austrian
Economist
John Kenneth Galbraith Quotes
American
Economist
John Maynard Keynes Quotes
English
Economist
Joseph Stiglitz Quotes
American
Economist
Ludwig von Mises Quotes
Austrian
Economist
Milton Friedman Quotes
American
Economist
Muhammad Yunus Quotes
Bangladeshi
Economist
Murray Rothbard Quotes
American
Economist
Paul Krugman Quotes
American
Economist
Richard Thaler Quotes
American
Economist
Robert Reich Quotes
American
Economist
Thomas Sowell Quotes
American
Economist
Walter E. Williams Quotes
American
Economist