Thomas Sowell Debunks Taxing The Rich
Economist Thomas Sowell discusses the impact of government involvement in the housing industry and efforts to redistribute income.
"They’re rich are really a distraction and a red herring. And looking back at the actual taxes actually paid by people in high income brackets, it makes much less difference to them than it does to the economy because when the tax rates go very high, they simply put their money into the tax-exempt securities while they send the money overseas where it’ll create jobs in other countries. So that’s what hurts the economy," Sowell told FOX Business.
"They’re rich are really a distraction and a red herring. And looking back at the actual taxes actually paid by people in high income brackets, it makes much less difference to them than it does to the economy because when the tax rates go very high, they simply put their money into the tax-exempt securities while they send the money overseas where it’ll create jobs in other countries. So that’s what hurts the economy," Sowell told FOX Business.
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