As the cartoon above points out, we have a burgeoning problem. While heated rhetoric against the “rich” continues unabated, the sad truth is that it is those who actually work hard and accumulate wealth who are paying most of the income taxes. There’s no way to cover this unrestrained spending by taxing those people even more. [“Those people,” by the way, include the middle class, not merely the top 5% of earners.)
[Taxes must] be equally and fairly applied to all. To take from one, because it is thought that his own industry and that of his fathers has acquired too much, in order to spare [give] to others, who . . . have not exercised equal industry and skill, is to violate arbitrarily the first principle of association, “the guarantee to every one of a free exercise of his industry, and the fruits acquired by it.”
Unequal and confiscatory taxation is tantamount to theft. And who will get hurt? Not just the ones being taxed but also those who rely on such persons for employment.
Another ill effect of this unequal distribution of taxation is that an underclass is created that will always want this to continue. They do so to their own detriment, but they don’t realize it. They help create the chains that will bind them. They help foster an attitude of envy toward those who have more. It brings out the worst in everyone.
The current income tax system is a farce. It needs to be replaced either by a flat tax that eliminates most deductions or by a national sales tax that is applied only when the individual decides to buy something. I prefer the latter—but only if the income tax itself is removed first. The problem before us now is the current administration is considering a sales tax in addition to the income tax.
They don’t understand the first thing about economics or the creation of prosperity. Or perhaps they do, and they are more focused on control. The thirst for power has always been the engine of progressivism.