Remember, welfare traps people in poverty. It’s not a hand helping you up: it’s a hand grabbing your ankle and holding you back.
What’s the right way to define good tax policy? There are several possible answers to that question, including the all-important observation that the goal should be to only collect the amount of revenue needed to finance the legitimate functions of government, and not one penny above that amount.
But what if we want a more targeted definition? A simple principle to shape our understanding of tax policy?
I’m partial to what I wrote last year.
…the essential insight of supply-side economics…when you tax something, you get less of it.
I’m not claiming this is my idea, by the way. It’s been around for a long time.
Indeed, it’s rumored that Reagan shared a version of this wisdom.
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