Thomas Sowell for Capitalism Magazine:
As with all taxes, a distinction must be made between tax rates and tax revenues. Tax revenues went up while tax rates went down in the 1980s. Similarly in the 1960s and the 1920s. That is because incomes rose more than tax rates fell. But still it will be claimed that we cannot “afford” to cut tax rates because it would create deficits. Spending creates deficits — and it is big spenders who fight hardest against cutting tax rates.
It is not faith but empirical evidence that is overwhelming on the actual track record of tax cuts and free markets. By the 1980s, this mounting evidence convinced even left-wing governments in various parts of the world to cut back government operations and sell government-owned enterprises to private industry. Faith had nothing to do with it.
Alan Reynolds get the great honor of being the cover story for the recent issue of National Review. His story, “Don’t Fear a Deficit” is must reading. Be sure to check it out.
Stephen Moore appears in the November 6, 2000 issue of National Review. We can’t find the article on the National Review website, but we did find the article on Cato’s website.
‘Tax, Spend, and Elect’
A fiscal free-for-all in Congress
The same issue of National Review also features an analysis by Alan Reynolds about the “top 1 percent” and Bush vs. Gore.
We’re Number One (Percent)
What’s right about the rich…
The Hudson Institute has published a magazine called American Outlook: Your Window on the Future. There’s a lot to like in this magazine (found a copy at Barnes & Noble, so you can likely find a copy as well), including an outlook by Alan Reynolds.