Tuesday, May 24, 2016
1012 C Street  •  Floresville, TX 78114  •  Phone: 830-216-4519  •  Fax: 830-393-3219  • 

WCN Site Search


Preview the Paper Preview the Paper

Preview this week's Paper
A limited number of pages are displayed in this preview.
Preview this Week’s Issue ›
Subscribe Today ›

Lost & Found

Reward! Lost: Fox Terrier, white and orange female, named Sara, no collar, went missing May 1, near F.M. 775 and 3432. Call Lindsay at 210-284-0094.
*Includes FREE photo online! mywcn.com/lostandfound

VideoFound: Shepherd mix, showed up near C.R. 307 and C.R. 317, La Vernia, about one week ago, has orange collar with no tags. 210-385-2892.
More Lost & Found ads ›

Help Wanted

Caregivers needed. Call 830-625-0444.
Landscape foreman needed, must have experience in masonry, irrigation, planting, etc.; pay $12-$16 per hour. Call 210-494-6469, Hill Horticulture, Inc.
More Help Wanted ads ›

Featured Videos





Video Vault ›
TNMCRichardson Chevrolet homeRE/MAX home
You’ve been granted free access to this subscribers only article.

Section A: General News


Editorial: Millionaire, billionaire taxes are ‘Bait and switch’




E-Mail this Story to a Friend
Print this Story
Thomas Sowell
September 12, 2012 | 1,029 views | Post a comment

We have heard many times from President Barack Obama how he plans to raise taxes on “millionaires and billionaires,” but not on the middle class. Apparently, if you don’t happen to be a millionaire or billionaire, you don’t have to worry.

But the numbers say otherwise -- and say so big time. Obama’s actual tax increase does not start with people who have an income of a million dollars a year. It starts with people with incomes of $250,000 and up.

That is far short of a million dollars, and miles away from a billion. According to the IRS, there are more than 2,700,000 people who earn $250,000 a year or more -- and fewer than one-tenth of them earn a million dollars or more. So more than nine-tenths of the people who would be hit with the higher taxes supposedly aimed at “millionaires and billionaires” are neither.

When businesses advertise one thing and then actually sell something else, that is called “bait and switch” advertising. That is exactly what President Obama is doing with his proposed tax increases.

Looking at the potential economic consequences, the small portion of the people targeted for Obama’s higher tax rates who are in fact millionaires and billionaires have the least likelihood of actually paying the higher tax rates.

People with annual incomes in the millions or billions of dollars can live pretty high on the hog on a fraction of their income, leaving them with plenty of money to invest.

The Constitution was amended in 1913 to permit the federal government to collect income taxes. Almost immediately, very high tax rates on people with very high incomes led to their taking steps to avoid paying those taxes.

President Woodrow Wilson himself urged Congress to reconsider whether very high tax rates are in fact “productive of revenue” to the government. He said that, beyond some point, “high rates of income and profits taxes discourage energy, remove the incentive to new enterprise, encourage extravagant expenditures, and produce industrial stagnation with consequent unemployment and other attendant evils.” That sounds a lot like where we are today.

Both Democratic and Republican presidents once warned that high tax rates could reduce economic growth. And Secretaries of the Treasury under both Democratic and Republican administrations once pointed out that higher tax rates do not necessarily bring in more tax revenues than lower tax rates. Yet this lesson from more than 90 years ago has still not been learned by those who advocate higher taxes on “the rich” as the answer to our fiscal problems.

In today’s global economy, it is even easier for genuine millionaires and billionaires to escape high tax rates by investing in other countries. Not so for the other nine-tenths of the people hit with higher tax rates, such as small-business owners or independent professionals such as dentists or Realtors, whose sources of income are necessarily local.

Those hardest hit by high tax rates that drive jobs overseas are likely to be those who are unemployed and need jobs here. Ironically, millionaires and billionaires may have the least to lose from higher tax rates on “the rich.” But Barack Obama has the most to gain from class warfare rhetoric that wins votes from gullible people.

Thomas Sowell is a senior fellow at the Hoover Institution, Stanford University. Copyright 2012 creators.com
 

Your Opinions and Comments


Be the first to comment on this story!


You must be logged in to post a comment.




Not a subscriber?
Subscriber, but no password?
Forgot password?

Section A: General News Archives


Full article available to Wilson County News subscribers only. Click here to subscribe. Berger earns Ph.D. from Columbia University (May 18, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Brahma Happenings (May 18, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Burning body spurs murder investigation (May 18, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Can I negotiate? (May 18, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Court Update (May 18, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Editorial: Narrow views promote intellectual, moral dry rot (May 18, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Editorial: The political climate in America goes from bad to worse (May 18, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Falls City ISD’s new K-12 building almost complete (May 18, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Floresville parks master plan would relocate ball fields (May 18, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Floresville parks plan wins council approval (May 18, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Foundation awards $9K in grants (May 18, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Foundation opens health grant process (May 18, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Graco recalls booster seats (May 18, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Grass fires on the rise (May 18, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Letter: An open letter to Congress (May 18, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Letter: Illegal immigration: Who will laugh last? (May 18, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Letter: What Hispanic vote? (May 18, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Lone Star Greys to meet (May 18, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Meeting Watch: La Vernia City Council (May 18, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Meeting Watch: Poth ISD (May 18, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Police Blotter (May 18, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Police recover one of two stolen trucks (May 18, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Register for free watercolor lesson (May 18, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Stockdale campus to get upgrade soon (May 18, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Stockdale City Council approves electronic payment processing (May 18, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. TAMU-SA matches student scholarships (May 18, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Time to make plans to attend Jubilee (May 18, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Want fire protection? Attend May 19 hearing (May 18, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Acme Gold Buyers marks fifth year in Floresville (May 11, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. All Veterans Job Fair (May 11, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Cemetery group to meet (May 11, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Children’s Alliance enhances care services (May 11, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. China Grove mayor, police chief trade barbs at meeting (May 11, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Commissioners lukewarm toward hot coffee at library (May 11, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Competency and integrity (May 11, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Court Update (May 11, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Coy to get Ranger Cross (May 11, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Cub Scout Roundup (May 11, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Donate blood in May (May 11, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Editor: Trump’s candidacy sets in motion affliction in future elections (May 11, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Editorial: The voters have spoken — well, some of them have! (May 11, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Former Sutherland Springs VFD considered as a substation (May 11, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Free caregivers class starts May 26 (May 11, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Information sought in Walmart theft (May 11, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Lack of super majority vote keeps Clean Water Rule flowing (May 11, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Leetter: The government is a terrible investor (May 11, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Letter: Injection well site is near river, creeks (May 11, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Letter: Stop being negative (May 11, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. LV youths win new wheels at Bike Rodeo (May 11, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Meeting Watch: La Vernia ISD (May 11, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Mineral rights workshop set (May 11, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Miss LV Pageant, Bluebonnet Parade, graduation fill La Vernia calendar (May 11, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. New Wilson County justice center nears completion (May 11, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Personalized brick for Veterans Memorial (May 11, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Police Blotter (May 11, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Precinct 3 primary runoff is May 24 (May 11, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Rangers to honor Lorenz (May 11, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Rohrs takes over Floresville athletics (May 11, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Tanneberger qualifies for Executive Club membership (May 11, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Voters respond: One bond passes, another fails (May 11, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Wednesday morning crash injures nine (May 11, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. AACOG plans public meeting (May 4, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Accident injures two drivers (May 4, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. AgriLife offers tips to protect from Zika, other mosquito-borne diseases (May 4, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Behind the lens: Solitary stillness (May 4, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Celebration Mass June 12 (May 4, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Cemetery association meeting (May 4, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Condos are fine, but do your research (May 4, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Court Update (May 4, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Crime Stoppers aids police anonymously (May 4, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. DA, DPS bust nets 86 charges (May 4, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Debate over citizens comments dominates Floresville council (May 4, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Dwellings At Home offers lodge, ranch furnishings, more (May 4, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Editorial: Overbearing city council threatens boards’ independence (May 4, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Editorial: Taking personal responsibility will bring possibilities (May 4, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Editorial: Trump is the same old song with one more verse (May 4, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. FEDC tables recommendation of master parks plan (May 4, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. FELPS tornado repair continues as FEMA help stalls (May 4, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Floresville Chamber Luncheon May 18 (May 4, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Hall of Fame inductees: Joe Kotwig, Malcolm and Beverly Talley (May 4, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Letter: Alamo Colleges: A bust for Floresville (May 4, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Local nursing homes plan Senior Olympics May 9-13 (May 4, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Look twice for motorcycle riders (May 4, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Lyssy’s vault earns gold, sets records! (May 4, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Medicaid, CHIP application assistance (May 4, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Meeting Watch: Wilson County Commissioners Court (May 4, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. National Day of Prayer May 5 (May 4, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Police Blotter (May 4, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Ramirez promoted to colonel (May 4, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Reserve a seat for SA Tea Party (May 4, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Tanneberger tops in sales (May 4, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Treviño prepares to take reins of East Central athletics (May 4, 2016)