It’s about your freedom, man
Whose Money Is It Anyway?
You earned it, and the more the government taxes it, the less you have to spend. Lower taxes let citizens choose where to spend more of their own money, rather than the government choosing where to spend that same money.
How much confidence do you have in the wisdom of the federal government to spend your money wisely, and not waste it, and not give it to their friends?
Democrats Used to Understand That Tax Cuts Grow the Economy.
From Democratic icon John F Kennedy (1962):
“The final and best means of strengthening demand among consumers and business is to reduce the burden on private income and the deterrents to private initiative which are imposed by our present tax system — and this administration pledged itself last summer to an across-the-board, top-to-bottom cut in personal and corporate income taxes …”
The United States has the highest corporate tax rate (35%) in the world.
If you want investors to create jobs, you’ve got to let them make money. It’s a world economy, and if you tax entrepreneurs too much, they will find other places to go and create jobs.
More Choice for Citizens
Lower taxes give individuals more choice about which businesses succeed and fail. If a private business fails to provide a product at a price people are willing to pay, it goes out of business. If a government program is inefficient and provides no services, it can take an “Act of Congress” to shut it down, literally.
Citizens lose their freedom to choose winners and losers with every dollar taxed and funneled into the government sinkhole.
Low Taxes Can Be Good for Revenue.
Conservatives argue that tax cuts can actually increase federal tax revenue, and cite as an example the Kennedy-inspired federal tax cut of 1964. So say Forbes and the Heritage Foundation. Of course these are conservative sources, and the opposite can also be argued, so let’s do a reality check:
If you were thinking of sinking a big chunk of your life savings into a new business, and your CPA shows you that the cost of regulation and taxes were so high in your home town, that you could make more money in a tax-free bond.
Would you move the business to another low tax/regulation state, or out of the country, or not open the business at all. What’ll that do for federal tax revenue (including the income taxes of the people you did not employ)?
People invest to make money. Like regulation, taxes figure into the profit picture, and when it get too burdensome, people look elsewhere to put their money. High taxes can kill the geese that lay the golden job eggs.