Observation

"Pilate saith unto him, What is truth? And when he had said this, he went out again..."

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Location: Tampa, FL, United States

Wednesday, September 22, 2004

Could Kerry Soak the Rich?

Author and attorney Charles Adams wrote a good, brief article on people's behavior relative to taxation. (see "The Future of an Illusion: Kerry's Tax Policy"). In the article Adams points that in 1916 the top tax bracket in America was 7%. A few years it was jacked up eleven times higher, or to 77%. The results were that revenues were essentially unchanged. Adams indicated that with the 7% top bracket about 1300 returns were filed, and with the 77% top bracket only about 250 returns were filed. The rich folk simply tweaked their investment plans to avoid as much as possible the 77% tax rate.

Any attempt by Kerry to milk the rich for more dough has historical precedent for failing. Because of the high degree on envy and jealousy in America today the facts available will be conveniently ignored. The middle class will always be the hoseees (i.e. the ones who are hosed).

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