A Quote by Ludwig von Mises
Progressive taxation of income and profits means that precisely those parts of the income which people would have saved and invested are taxed away
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The philosophy underlying the system of progressive taxation is that the income and wealth of the well-to-do classes can be freely tapped. What the advocates of these tax rates fail to realize is that the greater part of the incomes taxed away would not have been consumed but saved and invested.
The only beneficiaries of income taxation are the politicians, for it not only gives them the means by which they can increase their emoluments, but it also enables them to improve their importance. The have-nots who support the politicians in the demand for income taxation do so only because they hate the haves; . . . the sum of all the arguments for income taxation comes to political ambition and the sin of covetousness.
If you had a basic income, it would mean that everybody would have a base on top of which their earned income would be taxed at the standard rate of tax. That would increase the incentive to take low-wage jobs.
Taxes are necessary. But the system of discriminatory taxation universally accepted under the misleading name of progressive taxation of income and inheritance is not a mode of taxation. It is rather a mode of disguised expropriation of the successful capitalists and entrepreneurs.
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.
In 1848, Karl Marx said, a progressive income tax is needed to transfer wealth and power to the state. Thus, Marx's Communist Manifesto had as its major economic tenet a progressive income tax. ... I say it is time to replace the progressive income tax with a national retail sales tax, and it is time to abolish the IRS.
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.
If the present American laws concerning the taxation of the profits of corporations, the incomes of individuals, and inheritances had been introduced about 60 years ago, all those new products whose consumption has raised the standard of living of the 'common man' would either not be produced at all or only in small quantities for the benefit of a minority. The Ford enterprises would not exist if Henry Ford's profits had been taxed away as soon as they came into being.
Cyprus had developed its financial center over three decades ago by having double taxation treaties with a number of countries: the Soviet Union, for example. That means if profits are booked and earned and taxed in Cyprus, they are not taxed again in the other country.
The U.S. is the country that invented progressive taxation of income and of inherited wealth in the 1910s and 20s.
The U.S. is the country that invented progressive taxation of income and of inherited wealth in the 1910s and '20s.
Those who advocate either slavery or income taxation should be ashamed of themselves. Genuine freedom entails the abolition, not the reform, of income taxation and the IRS, just as genuine freedom entailed the abolition, not the reform, of slavery.
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.
Whether you're earning income because you have money sitting in the bank or a stock account somewhere, you should be taxed on that income fairly and the same.
There are 11 states in the United States that in the last 50 years instituted an income tax. So I looked at each of those 11 states over the last 50 years, and I took their current economic metrics and their metrics for the five years before they put in the progressive income tax... Every single state that introduced a progressive income tax has declined as an overall share of the U.S. economy.
What you do by having an income tax rate reduction across the board, you really provide great incentives for people to work, produce, and increase output. So I would support a carbon tax in replacement for a progressive income tax.
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