Taxes To Spur Economy Bad Idea
Gov. Cuomo, to much fanfare, has announced a gift of $1 billion to the Buffalo area for the creation of jobs and the growth of the economy. Rubbish. Some 150 years ago, the British economist John Stuart Mill warned us of this policy."It is no longer supposed that you benefit the producer by taking his money, provided you give it to him again in exchange for his goods. There is nothing which impresses a person of reflection with a stronger sense of the shallowness of the political reasonings of the last two centuries, than the general reception so long given to a doctrine which, if it proves anything, proves that the more you take from the pockets of the people to spend on your own pleasures, the richer they grow; that the man who steals money out of a shop, provided he expends it all again from the same shop, is a benefactor to the tradesman whom he robs, and that the same operation repeated sufficiently often, would make the tradesman's fortune."
If the governor truly wanted to spur economic growth in New York, he would cut our taxes by that billion dollars and leave the money in our pockets to spend and invest as we think best for ourselves and for our families. The old New York ploy of taxing workers and businesses to create new workers and businesses hasn't worked in the half century it's been tried.
New York businesses continue to close and New Yorkers continue to move away. The taxes we pay to create our fortune are just too high.
Sunday, January 15, 2012
My letter published today in the Jamestown Post-Journal and the Dunkirk Observer.
Posted by Craig Howard at 3:45 PM