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  Quotations - Tax  
[Quote No.16398] Need Area: Money > Tax
"The primary aim of all government regulation of the economic life of the community should be, not to supplant the system of private economic enterprise, but to make it work." - Carl Becker
(1873 - 1945) German scholar and politician
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[Quote No.16437] Need Area: Money > Tax
"True individual freedom cannot exist without economic security and independence. People who are hungry and out of a job are the stuff of which [riots, revolutions, wars and] dictatorships are made." - Franklin Delano Roosevelt
(1882 - 1945) 32nd U.S. President
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[Quote No.19738] Need Area: Money > Tax
"The point to remember is that what the government gives it must first take away." - John S. Coleman

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[Quote No.20186] Need Area: Money > Tax
"A government that robs Peter to pay Paul can always depend upon the support of Paul." - George Bernard Shaw
(1856 - 1950) English dramatist and critic
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[Quote No.20415] Need Area: Money > Tax
"Governments last as long as the under-taxed can defend themselves against the over-taxed." - Bemard Berenson
(1865 - 1959) American art critic
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[Quote No.20416] Need Area: Money > Tax
"Taxing is an easy business. Any projector can contrive new impositions; any bungler can add to the old..." - Edmund Burke
(1729 - 1797) English orator and statesman
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[Quote No.20417] Need Area: Money > Tax
"Taxes are the sinews of the state." - Marcus Tullius Cicero
(106 B.C. - 43 B.C.) Roman orator
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[Quote No.20418] Need Area: Money > Tax
"Collecting more taxes than is absolutely necessary is legalized robbery." - Calvin Coolidge
(1872 - 1938) 30th U.S. President
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[Quote No.20419] Need Area: Money > Tax
"The taxes are indeed very heavy and if those laid by the government were the only ones we had to pay, we might more easily discharge them; but we have many others, and much more grievous to some of us. We are taxed twice as much by our idleness, three times as much by our pride, and four times as much by our folly; and from these taxes the commissioners cannot ease or deliver us by allowing an abatement." - Benjamin Franklin
(1706 - 1790) American statesman, inventor and author
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[Quote No.20420] Need Area: Money > Tax
"What a benefit would the government render to itself, and to every city, village, and hamlet in the States, if it would tax whiskey and rum almost to the point of prohibition! Was it Bonaparte who said that he found vices very good patriots? 'He got five millions from the love of brandy, and he should be glad to know which of the virtues would pay him as much.' Tobacco and opium have broad backs, and will cheerfully carry the load of armies, if you choose to make them pay high for such joy as they give, and such harm as they do." - Ralph Waldo Emerson
(1803 - 1882) American essayist, poet and philosopher
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[Quote No.20421] Need Area: Money > Tax
"People want just taxes more than they want lower taxes. They want to know that every man is paying his proportionate share... " - Will Rogers
(1879 - 1956) American actor and humorist
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[Quote No.20422] Need Area: Money > Tax
"Capital punishment: The income tax." - Jeff Hayes

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[Quote No.21861] Need Area: Money > Tax
"The wisdom of man never yet contrived a system of taxation that would operate with perfect equality." - Andrew Jackson

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[Quote No.23654] Need Area: Money > Tax
"Taxes are not good things, but if you want services, somebody's got to pay for them so they're a necessary evil." - Michael Bloomberg
Self-made billionaire media tycoon and New York Mayor
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[Quote No.23800] Need Area: Money > Tax
"A corporation's primary goal is to make money [for its shareholding owners by providing products and services to its customers]. Government's primary role is to take a big chunk of that money [through taxes] and give it to others. [to support and improve the community’s services and facilities. Both are in the business of catering to the needs of the community.]" - Larry Ellison
Billionaire founder and CEO of the Oracle Corporation
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[Quote No.24423] Need Area: Money > Tax
"[In government] Taxing is an easy business. Any projector can contrive new compositions, any bungler can add to the old." - Edmund Burke

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[Quote No.25595] Need Area: Money > Tax
"If you have ten thousand regulations you destroy all respect for the law." - Winston Churchill

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[Quote No.25719] Need Area: Money > Tax
"The art of taxation consists in so plucking the goose as to obtain the largest amount of feathers with the least possible amount of hissing." - J. B. Colbert

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[Quote No.25741] Need Area: Money > Tax
"If a free society cannot help [through the judicious use of taxes] the many who are poor, it cannot save the few who are rich. [from the anger and jealousy of the poor.]" - John Fitzgerald Kennedy
35th U.S. President
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[Quote No.25742] Need Area: Money > Tax
"The invectives against capital in the hands of those who have it [and the desire to redistribute it through taxes and subsidies] are double - faced, and when turned about is nothing but demands for capital in the hands of those who have it not, in order that they may do with it just what those who have it are now doing with it. [but without suffering the risks, time and hardships of earning it themselves]" - William Graham Sumner
(1840 - 1910) American economist
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[Quote No.27162] Need Area: Money > Tax
"Better halfe a loafe than no bread!" - William Camden

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[Quote No.27330] Need Area: Money > Tax
"Better half a loaf than none at all." - Danish Proverb

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[Quote No.27638] Need Area: Money > Tax
"Inflating is immoral in a sense because it steals. It steals value if you double the money supply and your prices go up twice as much...it's an invisible hidden tax." - Ron Paul
Texas Congressman and Republican candidate for President.
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[Quote No.28256] Need Area: Money > Tax
"About the time we can make the ends meet, somebody moves the ends." - Herbert Hoover
The thirty-first President of the United States between 1929-1933 [during the Great Depression]. Prior to politics he spent almost twenty years as a highly successful mining engineer and consultant.
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[Quote No.28279] Need Area: Money > Tax
"Inflation is a socially negative tax on the poorest." - Joaquin Almunia
European Union Monetary Affairs Commissioner
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[Quote No.28848] Need Area: Money > Tax
"Politicians and their advisors, whether of the 'left' or the 'right,' enthusiastically espouse the Keynesian doctrine that governments should accumulate budget surpluses during booms and that they should run deficits (because they 'stimulate the economy') during recessions. They insist that consumption and spending – whether by individuals, businesses or the state – is a necessary condition of employment and growth. Because expenditure allegedly begets prosperity and prevents recession, more spending and bigger government is best. Anathema is the classical liberal and Austrian School precept that rising consumer expenditure is a consequence and not a cause of prosperity; that private savings and entrepreneurship are the sources from which rising standards of living spring; and that taxation is theft and therefore, under all circumstances, the goal is to shrink the state to the point that it fits inside the constitution." - Chris Leithner

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[Quote No.29030] Need Area: Money > Tax
"If you let the government [politicians and bureaucrats with a regulate and tax mentality, rather than free-market business-people] run the Sahara Desert, soon there will be a shortage of sand." - Milton Friedman
(1912 – 2006), Famous American economist. In 1976, he was awarded the Nobel Memorial Prize in Economic Sciences for his achievements. He was arguably the twentieth century's most prominent economist advocate of free markets.
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[Quote No.29080] Need Area: Money > Tax
"Still, a system in which people get what they've got coming is infinitely better than a system in which people take only what government gives them [after taking it from them and others through taxes, etc]. That's the essential difference between capitalism and socialism." - Bill Bonner
Author and Founder and editor of the financial newsletter, 'The Daily Reckoning'.
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[Quote No.29335] Need Area: Money > Tax
"The power to tax is the power to destroy." - John Marshall

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[Quote No.29380] Need Area: Money > Tax
"Government generates no revenues. Government lives off taxes generated by business and people that work in business. Don't ever forget that." - Jack Welch
Legendary CEO of GE [General Electric].
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[Quote No.30101] Need Area: Money > Tax
"Render unto Caesar the things that are Caesar's." - Jesus
Found in the Bible's Gospel accounts of Matthew, Mark and Luke.
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[Quote No.30210] Need Area: Money > Tax
"I am in favor of cutting taxes under any circumstances and for any excuse, for any reason, whenever it's possible." - Milton Friedman
(1912 – 2006), American Nobel Laureate economist and author, who strongly advocated the political, personal and economic benefits of free markets.
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[Quote No.30241] Need Area: Money > Tax
"...no man [or woman] has the right to seek values from others by means of physical force – i.e. no man [woman] or group has the right to initiate the use of physical force against others. Men [and women] have the right to use force only in self-defense and only against those who initiate its use. Men [and women] must deal with one another as traders, giving value for value, by free, mutual consent to mutual benefit. The only social system that bars physical force from human relationships is laissez-faire capitalism. Capitalism is a system based on the recognition of individual rights, including property rights, in which the only function of the government is to protect individual rights, i.e. to protect men [and women] from those who initiate the use of physical force. [Therefore I reject]...any form of collectivism, such as fascism or socialism...also...the current ‘mixed economy’ notion that government should regulate the economy and redistribute wealth [by taxing one group excessively in order to give to another more politically favoured group]." - Ayn Rand
(1905 – 1982), born Alisa Zinov'yevna Rosenbaum, Russian-born American novelist, playwright, screenwriter and philosopher. She developed a philosophical system called Objectivism, which among other things advocated rational individualism and laissez-faire capitalism.
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[Quote No.30246] Need Area: Money > Tax
"Interference [in the free market] by vote seeking [but often well-intentioned] politicians brings economic mayhem, business cycles, recessions, depressions and inflation [to all]...Productive [risk-taking, self-sacrificing employers and] workers are penalized [and discouraged] by higher taxes, while unproductive individuals are rewarded with government aid. Not only do such programs reduce incentives for all, but they draw upon society's limited store of savings needed to create capital and provide jobs. [So while a safety net is appropriate for those that are totally unable to help themselves, extending it beyond these few people, for selfish political gain disguised as altruism, winds up in the long run, hurting the economy and society more than it helps. It even winds up hurting the very people it initially helped by developing their sense of entitlement and paternal dependency while diminishing their skills, enterprise, sense of personal responsibility, self-esteem, independence and freedom.]" - Irwin A. Schiff
Licensed securities salesman and financial author, with a free market perspective. Quote from his book, 'How An Economy Grows and Why It Doesn't'.
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[Quote No.30584] Need Area: Money > Tax
"If millions more voters become accustomed to paying nothing for government (not even for their own Social Security benefits), and instead to receiving a bundle of Treasury checks, it will become almost as difficult for any future president to end those programs as it will be for taxpayers to pay for them. [The ramifications for politics, the economy and individual responsibility are dire.]" - Alan Reynolds
Senior Fellow with the Libertarian think-tank, the Cato Institute and the author of 'Income and Wealth'. From 'Forbes' magazine article, November 6, 2008.
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[Quote No.30633] Need Area: Money > Tax
"Some supporters of ...[government] spending seem genuinely convinced that the federal government [or any government] can create jobs. In part, this is a debate about Keynesian economics, which is the theory that the economy can be boosted if the government borrows money and then gives it to people so they will spend it. This supposedly 'primes the pump' as the money circulates through the economy. Keynesian theory sounds good, and it would be nice if it made sense, but it has a rather glaring logical fallacy. It overlooks the fact that, in the real world, government can't inject money into the economy without first taking money out of the economy. More specifically, the theory only looks at one-half of the equation — the part where government puts money in the economy's right pocket. But where does the government get that money? It borrows it [from the market or it taxes to get it], which means it comes out of the economy's left pocket. There is no increase in what Keynesians refer to as aggregate demand. Keynesianism doesn't boost national income, it merely redistributes it. The pie is sliced differently, but it's not any bigger. The real world evidence also shows that Keynesianism does not work. Both Hoover and Roosevelt dramatically increased spending, and neither showed any aversion to running up big deficits, yet the economy was terrible all through the 1930s. Keynesian stimulus schemes also were tried by Gerald Ford and George W. Bush and had no impact on the economy. Keynesianism also failed in Japan during the 1990s... Both the theoretical and empirical evidence argues against the notion that big government boosts job creation. Theory and evidence lead to three unavoidable conclusions: -1- The theory of government-instigated job creation overlooks the loss of resources available to the productive sector of the economy. Frederic Bastiat, the great French economist... is well known for many reasons, including his explanation of the 'seen' and the 'unseen.' If the government decides to build a 'Bridge to Nowhere,' it is very easy to see the workers who are employed on that project. This is the 'seen.' But what is less obvious is that the resources to build that bridge are taken from the private sector and thus are no longer available for other uses. This is the 'unseen.' -2- So-called stimulus packages have little bang for the buck. Even if one assumes that money floats down from Heaven and we don't have to worry about the 'unseen,' government is never an efficient way to achieve an objective. Based on the amount of money that is being discussed [in 2008 for the Obama stimulus package] and the claims of how many jobs will be created, Harvard Professor Greg Mankiw filled in the blanks and calculated that each new job (assuming they actually materialize) will cost $280,000. But since money doesn't come from Heaven, this calculation is only a partial measure of cost. In reality, the cost of each government job should reflect how that $280,000 would have been spent more productively in the private sector. -3- Government workers are grossly overpaid. There are several reasons why it costs so much for the government to 'create' a job, including the inherent inefficiency of the public sector. But the dominant factor is probably the excessive compensation packages for bureaucrats. According to [U.S.] Bureau of Economic Analysis data, the average employee for the federal government now gets paid nearly twice as much as workers in the productive [private] sector of the economy. Notwithstanding these points, it is quite likely that politicians in Washington will pass a boondoggle-filled 'stimulus' bill. While there may be a few naïve folks who think a big increase in the burden of government somehow is a recipe for job creation, politicians have a self-interested motive to move in that direction because it increases their power and influence. They win and [the special interest groups blessed by their largesse win while all] taxpayers lose." - Dan Mitchell
senior fellow at the Cato Institute and co-author of 'Global Tax Revolution: The Rise of Tax Competition and the Battle to Defend It'. December 5, 2008.
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[Quote No.30642] Need Area: Money > Tax
"Unless you believe in anarchy, which feels that no government is best, there will always be a need to raise funds for the roles government was constituted to be responsible for. While there are innovative suggestions about how this can be raised, even including lotteries, the classic method has been some form of sales and/or income taxation. At present much of the world uses progressive taxation rates so that the more each citizen earns the more they pay for the same government services. This has been challenged on the basis of equity, saying that while a set price that recovers the cost for each user is the fairest method. After all no-one would consider it fair if movie tickets, food, etc was priced differently for people who earn different amounts so why should government services be any different. Apart from custom there is very little reason that this should be this way. The problem with this is that many members of society would find that they couldn't afford these services. So perhaps the best compromise is a flat tax rate, so there is equity in the rate itself but the actual amount paid is still more for those that earn more. These sorts of questions are what economics, ethics and politics are all about. It is in the interests of each citizen to inform themselves about all the options so that they can make informed suggestions and choices as they participate in their political processes." - Seymour@imagi-natives.com

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[Quote No.30797] Need Area: Money > Tax
"Corporate profits boom and bust along with the economic cycle, and so do government revenues [taxes and charges]." - Swaminathan S. Anklesaria Aiyar
research fellow at the Cato Institute's Center for Global Liberty and Prosperity.
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[Quote No.30888] Need Area: Money > Tax
"As for Ponzi schemes - when will Congress address the world's largest Ponzi scheme - Social Security, which it created? Social Security depends on an ever-increasing number of new taxpayers to fund the retirement payments of the ever-growing numbers of the longer-living elderly. The only question is, 'In what year will it fail?' " - Richard Rahn
a senior fellow at the Cato Institute and chairman of the Institute for Global Economic Growth. Quoted from 'The Washington Times', December 31, 2008.
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[Quote No.30917] Need Area: Money > Tax
"[When a country goes through a recession, consumers and businesses reduce their spending, which results in lower demand for workers. Facing rising unemployment, government is bombarded with requests to do something to help. Governments at these times usually refer to Keynesian economic theory - which has many real world critics but few in government because it makes government even more important and powerful than normal. It states that at these times government should increase its spending to compensate for the drop in spending elsewhere. The negative consequences, besides the government of the day deciding who gets the money, include the government borrowing more - in competition to businesses that need to borrow money too in order to keep their staff employed, or printing money which causing inflation punishes savers and those on fixed incomes like retirees. In the desire to respond to the demands for something to be done often these drawbacks and actual economic data regarding the real outcomes of different government policies, especially increases in spending, are not considered. But they should be. For example, during the Great Depression] Federal government spending in real terms increased fourfold and the number of federal government employees nearly doubled in the decade from 1929-39. In addition, the top income tax rate increased more than threefold from 24 percent to 79 percent. The result was the only decade of no real per capita income growth in U.S. history, and a more than fivefold increase in the unemployment rate (which at one point hit 20 percent). During the Eisenhower administration of the 1950s, the brakes were put on the growth in federal spending (as a percentage of gross domestic product). As a result, federal spending has not been higher than 23.5 percent or lower than 18.5 percent of GDP for the last half-century. And the number of federal government civilian employees has remained almost static, at a little less than 3 million during this same 50-year span. This has been primarily because the federal government has increasingly contracted out its work over the years - which, for the most part, made good economic sense. (Note: local government employment has quadrupled and state government employment has doubled over the last half-century.) Once the growth in the federal government relative to size of the economy slowed, the growth in real per capita incomes greatly increased. (Relative spending stopped growing but costly regulatory growth has continued to rise at a rapid pace.) There was a rapid growth in real disposable (after tax) incomes after the Kennedy income tax rate cuts in the early 1960s, after the Reagan tax rate cuts in the early 1980s, after the Clinton capital gains tax rate cut in 1996, and finally after the Bush tax rate cuts in 2003. Given the last century of empirical evidence, the lessons should be clear. Cutting marginal tax rates on work, saving and investment and cutting excessive regulatory costs on the private sector would be productive 'economic stimuli'. Big increases in government spending [or employees] and increasing tax rates on productive economic activity will prolong and deepen the [current 2008 or in fact any] economic downturn. [These lessons about the dangers of government are made clearer in the Austrian school of economics which is one of the economic theories opposed to Keynesian economics. Libertarians also oppose the expansion of government.]" - Richard W. Rahn
a senior fellow at the Cato Institute and Chairman of the Institute for Global Economic Growth. Published in the 'Washington Times' on January 7, 2009.
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[Quote No.30918] Need Area: Money > Tax
"[When considering the spectre of recession or even depression and what to do about it, as we are in 2008, it is helpful to ask the question:] Which U.S. president ranks as America's greatest depression fighter? Not the fabled Franklin Delano Roosevelt, since unemployment averaged 17 percent through the New Deal period (1933–1940). What banished high unemployment was the conscription of 12 million men into the armed forces during World War II. FDR actually prolonged high unemployment: he tripled taxes; he signed laws that made it more expensive for employers to hire people, made discounting illegal, and authorized the destruction of food; and he launched costly infrastructure projects like the Tennessee Valley Authority that became a drag on states receiving TVA-subsidized electricity. America's greatest depression fighter was Warren Gamaliel Harding. An Ohio senator when he was elected president in 1920, he followed the much praised Woodrow Wilson — who had brought America into World War I, built up huge federal bureaucracies, imprisoned dissenters, and incurred $25 billion of debt. Harding inherited Wilson's mess — in particular, a post–World War I depression that was almost as severe, from peak to trough, as the Great Contraction from 1929 to 1933 that FDR would later inherit. The estimated gross national product plunged 24 percent from $91.5 billion in 1920 to $69.6 billion in 1921. The number of unemployed people jumped from 2.1 million to 4.9 million. Harding had a much better understanding of how an economy works than FDR. As historian Robert K. Murray wrote in 'The Harding Era', the man who would become our 29th president 'always decried high taxes, government waste, and excessive governmental interference in the private sector of the economy. In February 1920, shortly after announcing his candidacy, he advocated a cut in government expenditures and stated that government ought to 'strike the shackles from industry. . . . We need vastly more freedom than we do regulation.' ' One of Harding's campaign slogans was 'less government in business', and it served him well. Harding embraced the advice of Treasury Secretary Andrew Mellon and called for tax cuts in his first message to Congress on April 12, 1921. The highest taxes, on corporate revenues and 'excess' profits, were to be cut. Personal income taxes were to be left as is, with a top rate of 8 percent of incomes above $4,000. Harding recognized the crucial importance of encouraging the investment that is essential for growth and jobs, something that FDR never did. Powerful senators, however, favored giving bonuses to veterans, as 38 states had done. But such spending increases would have put upward pressure on taxes. On July 12, 1921, Harding went to the Senate and urged tax and spending cuts. He noted that a half-billion dollars in compensation and insurance claims were already being paid to 813,442 veterans, and 107,824 veterans were enrolled in government-sponsored vocational training programs. In 1922, the House passed a veterans' bonus bill 333-70, without saying how the bonuses would be funded. The senate passed it 35-17. Despite intense lobbying from the American Legion, Harding vetoed the bill on September 19 — just six weeks before congressional elections, when presidents generally throw goodies at voters. Harding said it was unfair to add to the burdens of 110 million taxpayers. Harding's Secretary of Commerce Herbert Hoover wanted government intervention in the economy — which as president he was to pursue when he faced the Great Depression a decade later — but Harding would have none of it. He insisted that relief measures were a local responsibility. Federal spending was cut from $6.3 billion in 1920 to $5 billion in 1921 and $3.2 billion in 1922. Federal taxes fell from $6.6 billion in 1920 to $5.5 billion in 1921 and $4 billion in 1922. Harding's policies started a trend. The low point for federal taxes was reached in 1924; for federal spending, in 1925. The federal government paid off debt, which had been $24.2 billion in 1920, and it continued to decline until 1930. Conspicuously absent was the business-bashing that became a hallmark of FDR's speeches. Absent, too, were New Deal-type big government programs to make it more expensive for employers to hire people, to force prices above market levels, or to promote cartels and monopolies. With Harding's tax and spending cuts and relatively non-interventionist economic policy, GNP rebounded to $74.1 billion in 1922. The number of unemployed fell to 2.8 million — a reported 6.7 percent of the labor force — in 1922. So, just a year and a half after Harding became president, the Roaring Twenties were underway. The unemployment rate continued to decline, reaching an extraordinary low of 1.8 percent in 1926. Since then, the unemployment rate has been lower only once in wartime (1944), and never in peacetime. The Roaring Twenties were a time of unprecedented prosperity. GNP expanded year after year without inflation. Productivity improved, and real wages increased. The stock market tripled. There was a dramatic expansion of the middle class. The Great Migration occurred during the 1920s, with some 7 million African-Americans moving north for better schools and job opportunities. Women had the vote. Millions of Americans began to buy cars, originally a luxury of the rich. People bought radios that enabled ordinary people to hear the finest entertainers in their own homes. Movies became popular. Frozen food made possible a more varied diet year-round. Doctors developed new medicines to fight deadly diseases like diphtheria and tuberculosis. While Harding can hardly be considered a champion of laissez-faire economics (he supported tariffs, after all), the pro-growth policies he implemented are directly responsible for the astonishingly rapid growth in prosperity — and widely shared prosperity — America enjoyed throughout the Roaring 20s. Unfortunately, Harding's stunning success as a depression fighter was overshadowed by the Teapot Dome scandal that engulfed his administration after his death in August 1923. This resulted from 'progressive' era conservation policies in which the government owned land known to have petroleum reserves — at Teapot Dome, Wyoming, and Elk Hills, California. Since the beginnings of recorded history, government involvement in the economy has led to corruption, and Secretary of the Interior Albert Fall accepted bribes for leases enabling private companies to extract the oil. There wouldn't have been a scandal if the reserves had been privatized, as more than 250 million acres of government land had been privatized during the previous century. Rather than follow the model of FDR — whose policies raised only Americans' spirits — President-Elect Obama [or any politician facing an economic downturn] ought to consider the model of Warren G. Harding, whose policies raised Americans' standard of living, and lifted the nation itself out of a depression — before it had a chance to become Great." - Jim Powell
a Senior Fellow at the Cato Institute and the author of FDR's Folly, Bully Boy, and Greatest Emancipations. This quoted article appeared on National Review (Online) on January 7, 2009.
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[Quote No.30935] Need Area: Money > Tax
"Incoming governments often propose fiscal reforms, in particular tax code changes, but these should always be based on tax reforms that stimulate the economy by boosting competitiveness and long-run growth, rather than simply redistributing the burden of government costs. In an era of globalization, policymakers need to respond to the dramatic pro-investment tax reforms taking place abroad, or else they risk stifling job creation and investment and in the long run hurting the economy and thereby the very people they represent." - Seymour@imagi-natives.com

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[Quote No.30936] Need Area: Money > Tax
"When governments spend more than they tax the budget goes into deficit. Each and every citizen should realise that these shortfalls are made up by borrowing from domestic and foreign investors, using government bonds for example, and must be repaid at some later date through government taxes and charges, either to existing citizens or their children and grandchildren. Just as in a family, parents borrowing to spend more than they receive and then expecting their children to pay for it, if they don't, is fraught with moral dilemmas and should be done only for very compelling reasons, rather than as a matter of course, or they could rightly be considered irresponsibly self-centred, exploiting and negligent." - Seymour@imagi-natives.com

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[Quote No.30977] Need Area: Money > Tax
"At its core, the concept of a bailout is for the government to take [tax] money from people and businesses that didn't make mistakes, and give it to businesses that made lots of them [when true capitalism believes that these unprofitable companies must be allowed to fall by the wayside to allow the competent companies to better service still more of the market]. The waste comes not just from the initial cost to taxpayers, but also in all the money companies will then pay high-dollar lobbyists in Washington to procure a part of it... 'The Washington Post' reports that the number of registered lobbyists in Washington doubled between 2000 and 2005, to nearly 35,000. Not coincidentally, federal outlays increased over that period from $1.79 to $2.29 trillion. The government put more money on the table, so firms were willing to pay more lobbyists higher salaries to go snatch a piece of it. 'People in industry are willing to invest money because they see opportunities here,' one lobbyist told the Post. 'They see that they can win things, that there's something to be gained. Washington [when there is a Federal government that believes in intervening in the free market, contrary to capitalist principles] has become a profit center.' Well, not exactly. 'Profit' [in free market economies] usually means providing products or services their customers want, which leads to voluntary, mutually beneficial transactions that leave both parties better off. [While, on the contrary, in interventionist/socialist economies as presently] In Washington, companies [especially those that don't deliver products and services in ways that are needed by the market and therefore aren't particularly profitable and should be wound down, choose instead to both contribute to politicians' election campaigns and political parties for policies favourable to their businesses and to] pay lawyers to procure money the government has forcibly taken from taxpayers. The only ones better off there are the [incompetent] companies and the politicians - which is worth keeping in mind the next time you hear how public service is an endeavor filled with honor [and self-sacrifice for the greater good! If that were really true then the libertarian policies of small government and the free market capitalism of Austrian economics would dominate, which unfortunately at this time they don't.]" - Radley Balko
a senior editor at Reason magazine. Published at Reasononline [reason.com] January 14, 2009.
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[Quote No.30989] Need Area: Money > Tax
"[When government spending increases dramatically, as it has in accordance with interventionist pro-big government Keynesian economic theory in 2008/9 to bailout distressed companies and compensate for the dramatic drop in consumer spending and business investment during the current credit crisis and recession, it is reasonable to expect that the government will inevitably raise income tax scales and property taxes dramatically, in the near future, as a means of raising revenue in order to pay off the massive debts the spending creates.] ... remember that during the Great Depression the US Government [to pay for its enormous New Deal spending and welfare policies] raised the tax rate on high income earners from 25% to well over 70%, at which point it stayed until 1970." - Stockval.com
Value share investing company's website
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[Quote No.31042] Need Area: Money > Tax
"When men get in the habit of helping themselves to the property of others, they cannot easily be cured of it." - The New York Times
in a 1909 editorial opposing the very first income tax
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[Quote No.31114] Need Area: Money > Tax
"[Here are some facts that may help people understand the effects of taxes and governments spending those taxes on the economy] Alberto Alesina of Harvard published a major long-term study of [government] fiscal policy changes in 18 economies in The American Economic Review, September 2002. What they found was that 'fiscal stabilizations that have led to an increase in growth consist mainly of spending cuts, particularly in government wages and transfers, while those associated with a downturn in the economy are characterized by tax increases.' Ireland experienced miraculous economic growth after cutting spending by an amount equal to 7 percent of GDP (the equivalent of the United States' eliminating two Pentagons' worth of spending) in the late 1980s, then slashing marginal tax rates on profits and capital gains. As an IMF report explained, Ireland also 'significantly reduced the exceptionally progressive nature of the progressive tax structure and increased work incentives.' By contrast, Japan ran budget deficits [government spending exceeds tax revenue] that averaged 5.8 percent of GDP from 1993 to 2005, and the economy was stagnant. In 1997, Christina Romer, [U.S. President] Obama's choice to head the Council of Economic Advisers, found that a U.S. tax increase amounting to 1 percent of GDP reduces real GDP by nearly 3 percent within three years, with employment falling 1.1 percent and housing and business investment by 12.6 percent. Explaining the persistence of the damage from tax increases, she suggests 'tax changes could have large supply-side effects.' " - Alan Reynolds
a senior fellow of the Cato Institute and the author of 'Income and Wealth'. Quoted from an article that appeared in the February 9, 2009 issue of the National Review.
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[Quote No.31123] Need Area: Money > Tax
"Nothing is so well calculated to produce a death-like torpor in the country as an extended system of taxation and a great national debt." - William Cobbett
(1763 - 1835), soldier, orator, mathematician, language student and political journalist.
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[Quote No.31148] Need Area: Money > Tax
"[When considering any country's/government's budget, keep in mind the Euro Zone's Stability and Growth Pact, which] is the main tool to keep economic policies (and hence performance) broadly synchronized within the [countries of the] euro zone. The pact states that no member country's gross stock of debt must exceed 60% of GDP and that the public deficit in any year must not exceed 3% of GDP. However, the pact allows for these limits to be broken under certain circumstances. [Therefore if government income/revenue from taxes, etc is about 30% of GDP (even though there is research that suggests 25% will produce a higher sustainable economic growth rate), Gross Debt to income/revenue ratio shouldn't exceed 4:1 and Public (Fiscal) Deficit (spending above income/revenue) to year's income/revenue should not exceed 110%]" - Niels Jensen
Managing Partner of fund managers, Absolute Return Partners, based in London.
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[Quote No.31183] Need Area: Money > Tax
"[If, as a society, we want to fulfil our potential] We have to start asking for LESS from our government [so they become less intrusive and expensive] and MORE from ourselves [so we become freer and more competent... just as good parents progressively reduce the physical support they give to their children as they grow up to encourage each child to become more independent, responsible and capable. If they don't, parents thwart their child's potential and condemn them to a life of unhappy mediocrity or worse.]" - Dale F. Doelling
Chief Market Analyst for Bullion.com
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