Comments on: Warren Harding and the Forgotten Depression of 1920 http://www.tomwoods.com/blog/warren-harding-and-the-forgotten-depression-of-1920/ Tom Woods Sat, 04 Feb 2012 04:12:00 +0000 hourly 1 By: William T http://www.tomwoods.com/blog/warren-harding-and-the-forgotten-depression-of-1920/comment-page-1/#comment-3265 William T Fri, 12 Nov 2010 06:44:53 +0000 http://www.thomasewoods.com/?p=412#comment-3265 HA! I am quite interested in your site. If I were to use this website, I could earn you 200-1000 USD daily. I am willing to work on monetizing your site, on the condition that you share 50% of revenues with me. If you are interested, please send me an email. :) HA! I am quite interested in your site. If I were to use this website, I could earn you 200-1000 USD daily. I am willing to work on monetizing your site, on the condition that you share 50% of revenues with me. If you are interested, please send me an email. :)

]]> By: woods http://www.tomwoods.com/blog/warren-harding-and-the-forgotten-depression-of-1920/comment-page-1/#comment-652 woods Mon, 03 May 2010 16:51:21 +0000 http://www.thomasewoods.com/?p=412#comment-652 I'm well aware of the Laffer Curve, having written the entry on it for a recent encyclopedia. The Laffer Curve does not say every single rate reduction will increase revenues. That holds true only if (for one thing) the initial rates are in the so-called prohibitive range. I’m well aware of the Laffer Curve, having written the entry on it for a recent encyclopedia. The Laffer Curve does not say every single rate reduction will increase revenues. That holds true only if (for one thing) the initial rates are in the so-called prohibitive range.

]]> By: Amonite http://www.tomwoods.com/blog/warren-harding-and-the-forgotten-depression-of-1920/comment-page-1/#comment-648 Amonite Mon, 03 May 2010 06:04:11 +0000 http://www.thomasewoods.com/?p=412#comment-648 Woods, check out the 'laffer curve'. You can google it. Certainly 0% brings 0 revenue, but neither does 100% bring 100% revenue. (The majority of people would stop working under such a system, or the money flow starts moving through tax loopholes and to other states/countries that are less oppressive. Indeed, I believe everything above 50% is considered 'the prohibitive range' in which taxing any higher gets less and less return. And between state and federal taxes, and the hidden taxes we pay every day, one would be surprised at the high tax rate the upper tax brackets and businesses (which drive our economy!) are forced into paying while the lower brackets pay into the system very little or none at all. Woods, check out the ‘laffer curve’. You can google it. Certainly 0% brings 0 revenue, but neither does 100% bring 100% revenue. (The majority of people would stop working under such a system, or the money flow starts moving through tax loopholes and to other states/countries that are less oppressive. Indeed, I believe everything above 50% is considered ‘the prohibitive range’ in which taxing any higher gets less and less return. And between state and federal taxes, and the hidden taxes we pay every day, one would be surprised at the high tax rate the upper tax brackets and businesses (which drive our economy!) are forced into paying while the lower brackets pay into the system very little or none at all.

]]> By: woods http://www.tomwoods.com/blog/warren-harding-and-the-forgotten-depression-of-1920/comment-page-1/#comment-535 woods Wed, 14 Apr 2010 20:20:40 +0000 http://www.thomasewoods.com/?p=412#comment-535 I appreciate what you are saying, but it is not a law of economics that lower tax rates lead to higher revenues. They can, but this is an empirical rather than a theoretical question. (It's obviously not true that if we lower rates from 11% to 0% the government will earn more revenue.) It depends on whether the existing tax rates are in the prohibitive range identified by Laffer. I appreciate what you are saying, but it is not a law of economics that lower tax rates lead to higher revenues. They can, but this is an empirical rather than a theoretical question. (It’s obviously not true that if we lower rates from 11% to 0% the government will earn more revenue.) It depends on whether the existing tax rates are in the prohibitive range identified by Laffer.

]]> By: Anita Bonghit http://www.tomwoods.com/blog/warren-harding-and-the-forgotten-depression-of-1920/comment-page-1/#comment-527 Anita Bonghit Tue, 13 Apr 2010 04:04:30 +0000 http://www.thomasewoods.com/?p=412#comment-527 Apparently the Canadian Government didn't do "exactly" the same thing. The US escaped the 1920 depression in less than 18 months because the allowed the economy to repair itself and they did not stifle business through oppressive taxation. There is a FACT of economics that when taxes go down revenues go up. Even John F. Kennedy knew that and lowered taxes during his short term to help the economy. The real problem is that progressive liberals don't like facts that get in the way of their agenda. Progressive Liberals love oppressive taxation and believe they are the aristocracy. Apparently the Canadian Government didn’t do “exactly” the same thing. The US escaped the 1920 depression in less than 18 months because the allowed the economy to repair itself and they did not stifle business through oppressive taxation. There is a FACT of economics that when taxes go down revenues go up. Even John F. Kennedy knew that and lowered taxes during his short term to help the economy. The real problem is that progressive liberals don’t like facts that get in the way of their agenda. Progressive Liberals love oppressive taxation and believe they are the aristocracy.

]]> By: Alan http://www.tomwoods.com/blog/warren-harding-and-the-forgotten-depression-of-1920/comment-page-1/#comment-389 Alan Thu, 12 Nov 2009 02:43:20 +0000 http://www.thomasewoods.com/?p=412#comment-389 What did the Canadian Central Bank do during that time frame? What did the Canadian Central Bank do during that time frame?

]]> By: Tim Reynolds http://www.tomwoods.com/blog/warren-harding-and-the-forgotten-depression-of-1920/comment-page-1/#comment-385 Tim Reynolds Tue, 27 Oct 2009 00:54:41 +0000 http://www.thomasewoods.com/?p=412#comment-385 Hi Tom, Great speech. During the Great Depression, successive Canadian gov'ts did exactly what you prescribe, that is, cut taxes and spending, and, yet, Canadians suffered a horrible depression (although not one Canadian bank failed). How do you reconcile these different outcomes? Best, Tim Hi Tom,

Great speech. During the Great Depression, successive Canadian gov’ts did exactly what you prescribe, that is, cut taxes and spending, and, yet, Canadians suffered a horrible depression (although not one Canadian bank failed). How do you reconcile these different outcomes?

Best,

Tim

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