The best evidence of the negative effect on the economy of a tax increase is the the curent negative effect on the economy of rising oil prices. If those prices continue to rise, our economy will tank like it [began to do in 1930].
Some might say that an increase in the price of oil is not the same thing as a tax increase. True! But its effects, increasing the price of energy throughout the economy, are just as economically pervasive as a tax increase on both the rich and the poor.
Add to that a tax increase on the investing wealthy and its "bye bye baby" to our economy and probably to our liberty. It's a mindless invitation to would-be tyrants to take over by blaming the whole thing on smaller groups of voters possessing some common easily recognizeable physical characteristic.
I've been there, and witnessed that! Never again? It will only happen over my dead body!
To reduce what is effectively a depression producing oil tax (not a whole lot different than the depression producing [Smoot-Hawley Tariff Act adopted 6/15/1930]), we need to increase domestic energy production at prices we can afford. We've wasted ten years postponing ANWR oil development of less than one-thousandth of ANWR, and its costing us now, and promising to cost us much more in future unless we accelerate ANWR drilling and production.
[Note--Encyclopedia Britannica 1968, page 672:]
Quote:Congress in the Smoot-Hawley Act, 6/15/1930, again raised the custom's duties. For the wave of economic nationalism that helped to bring on the great depression and then prolong it, the United States has much to answer.
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:wink:
