“The History of taxation shows that taxes which are inherently excessive are not paid. The high rates inevitably put pressure upon the taxpayer to withdraw his capital from productive business and invest it in tax-exempt securities or to find other lawful methods of avoiding the realization of taxable income. The result is that the sources of taxation are drying up; wealth is failing to carry its share of the tax burden; and capital is being diverted into channels which yield neither revenue to the Government nor profit to the people.”
Now I will concede that a 2% increase is not a “game-changer” that will lay waste to the economy. Still, the last thing I wish to do is to give a drug addict 2% more drugs. Common sense to the type of people who would be posting here, I would think.
(drug addict = congress spending)
Been re-reading the Millionaire Next Door book and it says that one of the aspects of the successful rich is that they are able to be frugal with their money and know how to expose LESS of their income to taxes.
