If you don?t like the idea of special interests sneaking their nefarious ideas into the political decision-making process in Washington, D.C., beware the coming Obama administration.
That?s one of the warnings Arthur Laffer, Stephen Moore, and Peter Tanous deliver in their recent book, The End of Prosperity: How Higher Taxes Will Doom the Economy ? If We Let It Happen:
The higher the tax rate, the greater the value of special-interest loopholes and carve-outs and the more coveted insider lobbyists become. Think about it: At a 40 percent tax rate a tax deduction is worth twice what a tax deduction is at a 20 percent tax rate. This is something that Barack Obama does not seem to understand. He says he wants to rid Washington of the lobbyists who get favors from Congress for their clients, but by raising tax rates to 50 percent or more, he makes lobbyists a prized commodity. If Mr. Obama really wants to put a muzzle on the undue influence of lobbyists, he should embrace a low flat rate tax with no deductions and loopholes that can be bought and sold inside congressional committee rooms.
Moore offered other highlights from the book during a recent Americans for Prosperity tour through central North Carolina. Click here for details.
