Monday, January 12, 2009
The End of Prosperity: How Higher Taxes Will Doom the Economy--If We Let It Happen is easily the most enlightening book I have read concerning tax policy. Written by Arthur Laffer, Stephen Moore, and Peter Tanous, this book not only gives the supply-side argument for not only lowered taxes but a flat tax rate, but backs up every claim with statistical data and sources. The explanation of how lower taxes across the board (including those on high-income individuals) benefit not only the rich but every class across the board gives ammunition to the argument that lower taxes helps EVERYONE.
This book does not simply bash the liberals, but is very non-partisan. They cover the history of tax policy (as well as delve into free trade) over the past century and the effects that different policies have had. This quick history lesson will be valuable to any American, and is greatly non-partisan as they evaluate the strength of different President's economic policies regardless of which party they were a part of. John F. Kennedy, Ronald Reagan, and George W. Bush's tax cuts effects are shown graphically. In fact, as I said earlier, all their claims are backed up by statistics, data, and sources.
I recommend this book to anyone, regardless of your interest level in politics. The fact of the matter is tax policy affects every American. Anyone who makes an income is affected by tax policy. Both Keynesian and Supply-side economics have been implemented in the past, with Keynesian economic policy being implemented today (and a promise of even more Keynesian policies in the next 2-4 years). The problem is, these policies have had ill-effects. Supply-side economics (which include a low taxes or preferably a flat tax rate as well as free trade) have been proven to work time and time again (both in the United States and abroad). Read this book and allow these great economists to make their case for sound fiscal policies.