The left desperately attempts to promote the
false narrative that taxing people has no affect on them at all. While even the most basic common sense (not to mention history) dictates otherwise, the left still attempts to push that propaganda on society.
Now, even the CBO (Congressional Budget Office) has come out and confirmed that
higher taxes and government programs decrease incentive to work. Which is why left-wing policy (socialism, communism, marxism, fascism, etc.) always ends in collapse, poverty, and misery. The latest evidence of that indisputable reality is Venezuela.
"When workers' earnings rise but their after-tax income rises less—because of increases in their income and payroll taxes or declines in their benefits from government programs—their incentive to work typically declines," said Shannon Mok, an analyst for the budget office in the tax analysis division.
Well duh. That's just common sense. It continues...
"When deciding how much to work, people consider not only the higher earnings from working more hours but also the resulting difference in after-tax income—which is market income plus government transfers minus taxes," Mok says.
"Increases in marginal tax rates, on net, decrease the supply of labor by causing people already in the labor force to work less," she says.
Hence the catastrophic failure of left-wing policy - as seen most recently in Venezuela. Left-wing policy decentivizes production and incentivizes society to be idle and unproductive. Which ultimately leads to collapse as there is less and less production of the products and services needed by society.
Surprise, surprise: CBO says higher taxes and government programs decrease incentive to work
Like I keep saying, the more you tax something the less of it you get. That's why taxes on consumption are superior to taxes on production.
The income tax is a tax on production.
I favor repealing the income tax and replacing it with the Fair Tax.
My only issue with the Fair Tax is that stupid "prebate"
It makes no sense to charge a higher tax rate and incur the cost of sending every single person in the country a check every month when all that needs to be done is to charge a lower rate and exempt a few necessities from the tax and do away with the monthly rebate altogether
Exemptions are precisely what has totally corrupted our current tax structure.
As soon as you open the door to exemptions, then our politicians start taking bribes from all comers to put exemptions in the tax code.
You start with taking bribes from the dairy industry to exempt milk, and before you know it you are taking bribes from the yacht builders and realtors and distillers.
We have to stop this thoroughly corrupt practice of allowing our politicians to accept bribes ("campaign contributions") to put exemptions, deductions, and credits in our tax code. Period.