The USA didn't have an income tax for over 100 years, and during that time the US economy grew sever thousand percent. Also, income taxes are hideous for an economy. Every economy has three sides: production, savings, and consumption. Income taxes directly attack the production side of the economy and are devastating to growth and savings. Savings are critical, because they fund future capital investment directed by the market. The current printed-up-credit substitute for savings is a disaster, because central banks direct capital investment instead of production and entrepreneurs. It becomes shit for the same reason communist central planners fail.
I mean, if you're going to steal somebodies money, it's far better to let them make the money, and save it, and steal it from them when they use it (end use consumption tax), than to never let the wealth be created to begin with. that's just stupid. It's bad enough that taxes are so immoral, but income taxes are both stupid and immoral.
The USA didn't have an income tax for over 100 years, and during that time the US economy grew sever thousand percent. Also, income taxes are hideous for an economy. Every economy has three sides: production, savings, and consumption. Income taxes directly attack the production side of the economy and are devastating to growth and savings. Savings are critical, because they fund future capital investment directed by the market. The current printed-up-credit substitute for savings is a disaster, because central banks direct capital investment instead of production and entrepreneurs. It becomes shit for the same reason communist central planners fail.
I mean, if you're going to steal somebodies money, it's far better to let them make the money, and save it, and steal it from them when they use it (end use consumption tax), than to never let the wealth be created to begin with. that's just stupid. It's bad enough that taxes are so immoral, but income taxes are both stupid and immoral.
Well said