Conservatives everywhere condemn the use of tax increases for fear of the Laffer Curve. This is the idea that if taxes are too high, people will lose the incentive to work and therefore revenue will actually decrease. It is most famous for its counter-intuitive argument that a tax cut could increase revenue. Unfortunately there is little or no evidence to support this claim. History clearly shows that cutting taxes does not increase revenue. The Laffer curve is a political idea used to justify tax cuts for the rich. It is not based on sound economics.
Most millionaires claim that they are self-made in that they earned their fortune alone. But no person is an island. Every millionaire owes their fortune to the help they received from others. In this world we are so interdependent that no one achieves anything without help from another. Obama was right, we received more help than we can possibly imagine. Our wealth and success are not only a measure of our talents and luck, but also a measure of how much help we had. We are tall because we stand on the shoulders of giants. Continue reading “The Myth Of The Self-Made Millionaire”