Word: marketeers
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Dates: during 1980-1989
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...first problem is that there would not be that much tax revenue. Although newly-bought apartments would be taxed at market value, the home ownership tax exemption would discount the taxable value by about...
...billion. Among other things, the suit alleges, Keating, his wife, his daughter and five other insiders sold 1 million shares of American Continental Corp., which owns Lincoln, to the employees' stock-ownership plan for nearly $8 million, more than they were likely to get on the open market...
True? The answer to that is another question: Do you believe in free-market capitalism? Do you think the best recipe for prosperity is minimum Government interference in the economy? Devotees of the capital-gains break usually claim to be enthusiastic free-marketeers. Let us take them at their word. Does the capital-gains break make sense from a free-market point of view...
...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 where taxes affect people's economic decisions as little as possible. That is, a tax system that leaves the world looking as much as possible like one with no taxes...
...more sermons about the evil effects of high tax rates. But there is a second, equally important feature. Tax rates should be the same on alternative forms of economic activity. If plumbers are taxed more than electricians, there will be fewer plumbers and more electricians than the free market would dictate. If a tax break goes to timber but not to steel, investment flows out of the steel industry and into the timber industry. In either case, the Government is overriding the free market and dictating the shape of the economy just as surely as if it did so directly...