Thoughts, essays, and writings on Liberty. Written by the heirs of Patrick Henry.

“It's time we asked ourselves if we still know the freedoms intended for us by the Founding Fathers. James Madison said, "We base all our experiments on the capacity of mankind for self-government." This idea that government was beholden to the people, that it had no other source of power, is still the newest, most unique idea in all the long history of man's relation to man. This is the issue of this election: Whether we believe in our capacity for self-government or whether we abandon the American Revolution and confess that a little intellectual elite in a far-distant capital can plan our lives for us better than we can plan them ourselves.”     Ronald Reagan

August 16, 2010

Quote Of The Day

by Brad Warbiany

Karl Smith on taxes vs. regulation:

On the other hand barrels of ink and the fates of political parties are determined over debates about the taxation of labor. Its a generally accepted principle of Public Economics that taxes are less damaging than regulation and in either case the broader and more uniform the restriction the less damage it does.

As such its not immediately obvious that whether we tax labor at a high marginal rate of 35% or 39.6% has larger supply side effect than whether a young entrepreneur faces a gauntlet of unnecessary classes and fees. In fact I am being too coy. I would be shocked if the taxes mattered more.

The rest is worth reading as well (discussion of health care freedom).

But the point is too often neglected. The combination of nanny-statism and corporatism leads to a government dominated by meddlesome bureaucrats, too often captured by the industries they regulate. Their actions are as harmful as those of the taxman, but far less visible.

Hat Tip: Ryan Avent @ Economist Free Exchange blog

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1 Comment

  1. It only makes sense really. If the government forces itself on the rich/corporations, they will suddenly see the power that the government wields and they will use their riches to gain control over that power.

    Comment by Matt — August 16, 2010 @ 10:47 am

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