Economic Freedom is Worth Fighting For!
Imprimis is an excellent leaflet/newsletter that I get every month with amazing analyses of the issues of our times. If you want to think for yourself you should get a subscription. Their often historical approach brings you up to date on why we are where we are. The latest issue is no exception as it deals with the “the greatest story never told” about the economic success of the last 25 years and how to continue it:
“This long period of sustained economic growth and the huge quality-of-life improvements it made possible didn’t happen by accident. They were a result of a major expansion in economic freedom, initially in the U.S., then increasingly around the world. This expansion took many forms, but three of the most important were a dramatic reduction in marginal tax rates, a series of major deregulations, and a broad expansion of trade.”
The recent tax cuts are interesting in that after the cuts the remaining tax burden shifted to higher income earners leaving many off of the tax rolls completely. Imprimis thinks this may have had the unintended consequence of increasing expectations of having someone else pay for government services. You’ve heard the statistics before: 39% of all income taxes are paid by the top 1% of earners, while fully 50% of earners only pay 3% of the taxes. The result: public support for actions expanding economic freedom continue to decrease.
Do you pay taxes? What do you think about it? Do you agree with the “three most important” expanders of economic freedom? Talk about it- blog about it. THIS is important.
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