Word: ares
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Dates: during 1980-1989
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Q. You're a President dressed in fatigues. Are you a soldier or a politician?
The ideal free-market tax system would be no taxes at all. Taxes discourage productive activity: working, saving, investing. Even President Bush, though, seems to recognize that we can't borrow the entire federal budget. So taxes are necessary. In real life, the ideal free-market tax system is one...
Such a tax system has two features. First, rates as low as possible. At this late date in the supply-side revolution, you don't need any more sermons about the evil effects of high tax rates. But there is a second, equally important feature. Tax rates should be the...
There is nothing magical or unique about capital gains. A special break for this particular form of investment profit distorts the free market in two ways. First, it prejudices the economy in favor of certain kinds of investment. Those who say we need to encourage entrepreneurs or long-term investors...
Although they are now ostensibly taxed at the same rate as other income, capital gains already get favored treatment in two ways. First, they are only taxed when an investment is sold, unlike interest and dividends, which are taxed every year. An ideal free-market tax system would leave an...