22 SOWELL from 7
twice as much revenue from capital gains taxes in the next four years as in the previous four years.
Similar things have
happened in India and in Iceland. There is no automatic
correlation between the direction in which tax rates move and the di- rection in which tax rev- enues move. Nor is this a new discovery. Back in the 1920s, Sec-
retary of the Treasury Andrew Mellon pointed out that people with high
THE WEIRS TIMES & THE COCHECO TIMES, Thursday, May 26, 2011
incomes were simply not paying the high tax rates that existed on paper, because they were put- ting their money into tax shelters. After the tax rates were
cut, as Mellon advocated, investments flowed back into the private economy, producing higher output, rising incomes, more tax revenue and more jobs. The annual unemploy- ment rate in the next four years never exceeded 4.2 percent, and in one year was as low as 1.8 per- cent.
Despite political dema- MALKIN from 6
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tion Health and Welfare Fund - Service Employees In- ternational Union Health- care Illinois Home Care and Child Care Fund - United Food and Com- mercial Workers San Di- ego Employers Health and Welfare Trust_ - Welfare Fund of the In- ternational Union of Oper- ating Engineers Local 15, 15A, 15C, 15D AFL-CIO
goguery about “tax cuts for the rich,” in human terms the rich have less at stake than working people. Precisely because the rich have so many ways of avoiding taxes, a high tax rate is likely to do them far less harm than it does to the econo- my, on which millions of people depend for jobs.
Thomas Sowell is a se-
nior fellow at the Hoover Institution, Stanford Uni- versity, Stanford, CA 94305. His Web site is
www.tsowell.com.
ADVOCATES from 9
of him in the next GOP Primary?
************** Scheduled for Thurs-
day (The Advocates Dai- ly) Retiring Laconia Chief Mike Moyer and “the new Chief” Chris Ad- ams. Noah Crane of the Laconia Muskrats will be dropping by a couple of times prior to opening day for this collegiate summer baseball sea- son. ************* Our congratulations
to the Portsmouth Clip- pers baseball coaches
- United Steelworkers
Local 1-0318 Health and Welfare Trust Fund_ - United Association of Journeymen and Appren- tices Local 198 AFL-CIO Health and Welfare Trust - Teamsters Local 617 Welfare Fund in Ridge- field, N.J. - Teamsters Local 734 Welfare Fund in Chicago - Plumbers and Steam-
fitters Local 60 Health and Welfare Fund - New York State Nurses Welfare Plan for New York City Employed Registered Professional Nurses The ultimate goal, it
bears repeating, is to force a massive, revolution- ary and irreversible shift from private to public insurance designed by government-knows-best bureaucrats. Pelosi and the Golden
Ticket Administrators in Washington deny prefer- ential treatment for waiv- er beneficiaries. But the stench of waivers-for-fa- vors won’t be dispelled un- til and unless the Obama administration releases a full list not only of those who won exemptions, but also of those who applied
and players who ran the string to 76 consecutive wins establishing a new national record.
********** Last Saturday we did
enjoy having Gilford High School freshman Kil- lion Gallagher in studio. Killion fit right in with responding to questions and his comments with Paul Hopfgarten and, on the phone, guests Edwin Mora and Diane Grassi. Very impressive - Killion can be heard at wezs. com Hours 3 and 4.
and were denied. With San Francisco
businesses caught with their hands in the waiver jar, Pelosi’s office could do nothing else but pout: “It is pathetic,” said Pelosi spokesman Drew Ham- mill, “that there are those who would be cheering for Americans to lose their minimum health cover- age or see their premiums increase for political pur- poses.” It is far more pathetic
to have cheered, as Pelosi did on the one-year an- niversary of Obamacare, the law’s onerous benefits limits from which thou- sands of her own con- stituents have now been exempted. Once again, the rest of
America wants to know: Dude, where’s my waiv- er?
Michelle Malkin is the au-
thor of “Culture of Corrup- tion: Obama and his Team of Tax Cheats, Crooks & Cronies” (Regnery 2010). Her e-mail address is mal-
kinblog@gmail.com.
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