“Let's take the nine states that have no income tax and compare them with the nine states with the highest income tax rates in the nation. If you look at the economic metrics over the last decade for both groups, the zero-income-tax-rate states outperform the highest-income-tax-rate states by a fairly sizable amount.” IfsLooksStatesLastsNationsGroupsEconomicAmountTaxesHighestRateDecadesNineIncomeCompareZeroIncome TaxMetrics Author:Arthur Laffer
“It makes no difference to a widow with her savings in a 5 percent passbook account whether she pays 100 percent income tax on her interest income during a period of zero inflation or pays no income tax during years of 5 percent inflation. Either way, she is 'taxed' in a manner that leaves her no real income whatsoever. Any money she spends comes right out of capital. She would find outrageous a 100 percent income tax but doesn't seem to notice that 5 percent inflation is the economic equivalent.” WayYearsRealSeemsInterestDifferencesPayEconomicPeriodsTaxesPercentAccountsIncomeSavingZeroInflationSavingsOutrageousWidowsIncome Tax Author:Warren Buffett
“At least half of the popular fallacies about economics come from assuming that economic activity is a zero-sum game, in which what is gained by someone is lost by someone else. But transactions would not continue unless both sides gained, whether in international trade, employment, or renting an apartment.” GamesLostSidesHalfEconomicActivityEconomicsTradeAssumingInternationalEmploymentZeroApartmentBoth SidesFallacyTransactionsInternational TradeZero Sum Game Author:Thomas Sowell
“The recovery of the banks is what happens when you reduce competition, lend money to them at zero interest rates, allow them to gamble. That particular style of restoration actually inhibits the economic recovery.” HappensInterestEconomicStyleParticularCompetitionRateRecoveryZeroRestorationGambleInterest RateEconomic Recovery Author:Joseph Stiglitz