A Quote by Ludwig von Mises
If the present tax rates had been in effect from the beginning of our century, many who are millionaires today would live under more modest circumstances. But all those new branches of industry which supply the masses with articles unheard of before, would operate, if at all, on a much smaller scale, and their products would be beyond the reach of the common man.
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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.
If I would be a young man again and had to decide how to make my living, I would not try to become a scientist or scholar or teacher. I would rather choose to be a plumber or a peddler in hope to find that modest degree of independence still available under present circumstances.
It is solely bigness in business which makes it possible to supply the masses with all those products the present-day American common man does not want to do without. Luxury goods for the few can be produced in small shops. Luxury goods for the many require big business.
The century would seek to dominate nature as it had never been dominated, would attack the idea of war, poverty and natural catastrophe as never before. The century would create death, devastation and pollution as never before. Yet the century was now attached to the idea that man must take his conception of life out to the stars.
Education is here placed among the articles of public care, not that it would be proposed to take its ordinary branches out of the hands of private enterprise, which manages so much better all the concerns to which it is equal, but a public institution can alone supply those sciences which, though rarely called for, are yet necessary to complete the circle, all the parts of which contribute to the improvement of the country, and some of them to its preservation.
All those predictions about how much economic growth will be created by this, all of those new jobs, would be created by the things we wanted - the extension of unemployment insurance and middle class tax cuts. An estate tax for millionaires adds exactly zero jobs. A tax cut for billionaires - virtually none.
We cannot predict the new forces, powers, and discoveries that will be disclosed to us when we reach the other planets and set up new laboratories in space. They are as much beyond our vision today as fire or electricity would be beyond the imagination of a fish.
Why not put a tax on carbon emissions. It would raise a lot of money, it would reduce the environmental damages in the future, it would solve so many problems, and it would be a much more constructive thing to do than to think about raising the income tax.
Had drugs been decriminalized, crack would never have been invented and there would today be fewer addicts... The ghettos would not be drug-and-crime-infested no-man's lands... Colombia, Bolivia and Peru would not be suffering from narco-terror, and we would not be distorting our foreign policy because of it.
If every effect of any new products or methods were required to be known before they could be produced and marketed, they would not be true innovations - and thus not represent new knowledge of what people would like, if offered.
We're talking about should we increase taxes? Why not put a tax on carbon emissions. It would raise a lot of money, it would reduce the environmental damages in the future, it would solve so many problems, and it would be a much more constructive thing to do than to think about raising the income tax.
If I had my life to live over, I would try to make more mistakes. I would relax. I would be sillier than I have been this trip. I know of very few things that I would take seriously. I would be less hygienic. I would go more places. I would climb more mountains and swim more rivers. I would eat more ice cream and less spinach. I would have more actual troubles and fewer imaginary troubles.
Brothers and sisters, if only we had more compassion for those who are different from us, it would lighten many of the problems and sorrows in the world today. It would certainly make our families and the Church a more hallowed and heavenly place.
If the rate of expansion one second after the Big Bang had been smaller by even one part in a hundred thousand million million, it would have recollapsed before it reached its present size. On the other hand, if it had been greater by a part in a million, the universe would have expanded too rapidly for stars and planets to form.
Budget deficits are not caused by wild-eyed spenders, but by slow economic growth and periodic recessions. And any new recession would break all deficit records. In short, it is a paradoxical truth that tax rates are too high today and tax revenues are too low, and the soundest way to raise the revenues in the long run is to cut the rates now.
I want to end tax dumping. States that have a common currency should not be engaged in tax competition. We need a minimum tax rate and a European finance minister, who would be responsible for closing the tax loopholes and getting rid of the tax havens inside and outside the EU. It is also clear that we have to reach common standards in our economic and labor policies. We cannot continue to just talk about technical details. We have to inspire enthusiasm in Germany for Europe.
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