Tags: Moore | rich | taxes | jobs

Heritage Foundation's Moore: 'Idea That Rich Aren't Paying Taxes Based on Misinformation'

By    |   Tuesday, 03 March 2015 06:40 AM

Many people believe that the wealthy pay little if any taxes. But nothing could be further from the truth, says Stephen Moore, chief economist at The Heritage Foundation.

To be sure, middle-class angst about taxes is understandable, he writes in The Washington Times.

"But the idea that the rich aren't paying any taxes is based on misinformation fed to voters."

As for the misinformation, "we are told by no less than President Obama that these millionaires and billionaires have all the money, but they don't bear much if any of the burden for schools, roads" etc. Moore says.

Yet the latest IRS statistics show that the top 1 percent of Americans by income earned 19 percent of total income and paid 35 percent of federal income taxes in 2011, Moore explains.

Obama wants to increase taxes for the wealthy. But "history proves that cutting tax rates is a better way to get money out of the rich than raising them," Moore states. "Low tax rates on work and investment create a prosperous economy with rising incomes for everyone."

Meanwhile, CNBC commentator Larry Kudlow makes the case for lower taxes in a column on Newsmax Finance.

"To maximize growth, jobs, opportunity and upward mobility, the U.S. must recapture the first principles of economic growth that were so successful in the 1960s, '80s, and '90s," he writes.

"Namely, pro-growth policies should seek a low-rate, broad-based flat tax, limited government spending, the lightest possible economic regulations, sound money and free trade."

Kudlow notes that since 2000, economic growth has averaged only 2 percent a year. The rate was 3.4 percent for the prior 100 years.

"To get back to the long-run trend, which epitomizes the most powerful engine of free-market capitalist prosperity in the history of history, future growth over the next decade will have to average 4 percent annually," he notes.

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Many people believe that the wealthy pay little if any taxes. But nothing could be further from the truth, says Stephen Moore, chief economist at The Heritage Foundation.
Moore, rich, taxes, jobs
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2015-40-03
Tuesday, 03 March 2015 06:40 AM
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