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Taxes and Spending & Facts and Myths

Veronique de Rugy, Reason magazine columnist and an economist at George Mason University's Mercatus Center, “separates economic myths from economic truths” in a recent Reason column.

For example, she discusses the myth that “(m)illionaires who are in favor of an income tax increase are fiscal heroes.” She argues, “No they’re not. Many of the rich get the majority of their income in the form of capital gains and dividends rather than ordinary income. They are essentially advocating a tax increase on those making much less money than they do.”

She provides several helpful graphs to support her arguments. In addition, she also explains much of this in a Bloomberg.tv video.

She also discusses other myths such as “(b)ig government means more redistribution to the poor” and “(t)he doomsday projections about unfunded Social Security and Medicare obligations are overstated.”

Her column is well-worth reading, and may provide you with the “intellectual firepower” to expose several of the most popular myths concerning taxes and spending.

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