To understand how income taxes hurt people, check out our exclusive interview with Dr. Arthur Laffer from earlier this year.
Liberals like to say lowering income taxes is a way of hurting poor people. Laffer helps explain why the opposite is true. The rich like income taxes, he says: They keep ordinary people from accumulating wealth. The billionaires don’t worry about income — they’ve already made their dough, and/or are getting money from sources not taxes as income. That’s why you’ll see limousine liberals defending the income tax: it keeps ordinary people from getting rich and getting into the country clubs that celebrity billionaires want to keep for themselves.
The point is not to keep some people down, but to help as many people as possible rise. That is, the point is not to close down the prep schools, but to make everyone prosperous enough to send their kids to the best schools.
By the way, it’s also revealing that he’s not some crotchety grump, but is upbeat and energetic. This interview is well worth seeing.