“The power to tax is the power to destroy.”
– Supreme Court Justice John Marshall, 1819
Most people dislike taxes, but see at least some level of tax as inevitable, even necessary. Surely some of our dislike for taxes is driven by the fact that it’s human nature for us to want to keep more of what we earn and to direct where it’s spent rather than abdicate that decision to another person.
Some of our dislike is driven by the fact that we inherently oppose wastefulness and don’t like to see our money spent on things we believe are inefficient or unnecessary. Some of our dislike comes from seeing our money spent on activities that we consider immoral or unethical.
And many of us dislike taxation because we believe it takes money away from producing things that people want – it’s best use – and instead is diverted into uses that are less valuable to society, and even are often used to prop up government-sponsored monopolies that the private market isn’t allowed to compete with, preventing us all from having a better quality of life.
But one thing is sure, the taxes you pay out of your earnings are dollars that you will not be able to spend to improve your life or reinvest in your business to create additional goods or services, increase your workers salaries, hire new workers, donate to a charity, or spend in your community.
Every dollar taken from your business is a dollar you can’t spend at another business, use to send a child to college, or donate to a charity. Every dollar taken from you is a dollar you can’t lend to another business owner.
If politicians are truly serious about stimulating the economy, they will cut taxes. Period.
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