THE HISTORY OF THE INCOME TAX – DICK MORRIS TV: HISTORY VIDEO!
By Dick Morris
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In this video History commentary, I discuss how income tax came to be, how tax cuts grew the economy, and how tax hikes hurt it.
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The Stock Market Crash was due to the Smoot Hawley Tariff being passed in Congress.
That was the straw.
The FED and the politicians further made things worse by raising the interest rate and the tax rate.
The Dead Old White Guys had it right — tariffs and excise taxes.
That would have saved our manufacturing base or at least not allowed the export of jobs and the import of “stuff” minus the cost of our social welfare programs.
They’ve demonstrated that we don’t understand the impact of changing things. Especially when those things being changed are large complex economic systems with lost of moving parts.
Capitalism with economic freedom and personal liberty have lifted us out of poverty. We need to insist on that going forward. The economy and the political order is too complex for humans to “tinker with”. Especially when those humans attempting to “run” it are so corrupt and corruptible.
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