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Thomas Sowell writes:
Chief Justice John Marshall said it all in one sentence: “The power to tax is the power to destroy.”
It is not the money that is taxed away that is destroyed. What is destroyed is the wealth that does not get produced in the first place, because high taxes make its production not worthwhile.
Those who are receptive to Senator Barack Obama’s plan to increase taxes on “the rich” seem not to understand that the issue is the nation’s loss of wealth. Today, wealth can leave the country when heavy taxes threaten it — instantly, in an age of electronic financial transfers — and create jobs and economic growth overseas, instead of at home.
Want to learn more about the effect of high taxes? The Tax Foundation ran a competition for the best short video to "raise the public’s awareness of America’s high business taxes and how those taxes are affecting our competitiveness, wages, and living standards."
You can watch the winning videos at their site.