Center for Freedom and Prosperity Foundation
For Immediate Release
Tuesday, May 3, 2011
202-285-0244
www.freedomandprosperity.org
New CF&P “Economics 101” Video Warns That Tax
Increases Are the Wrong Approach
Washington, D.C., Tuesday, May 3, 2011) The latest “Economics 101” video released today by the Center for Freedom and Prosperity Foundation (CF&P), narrated by Piyali Bhattacharya of Young Americans for Liberty, makes the case against higher taxes. Entitled, “Seven Reasons Why Tax Increases Are the Wrong Approach,” the video details why giving more money to the political elite is hopelessly misguided.
Having created a fiscal crisis by spending too much money, many politicians in Washington are suggesting that tax increases must play a role in the solution. The seven reasons provided by the video against this approach are as follows:
- Tax increases are not needed;
- Tax increases encourage more spending;
- Tax increases harm economic performance;
- Tax increases foment social discord;
- Tax increases almost never raise as much revenue as projected;
- Tax increases encourage more loopholes; and,
- Tax increases undermine competitiveness
Links to the video: YouTube | Dailymotion | Blip.TV
“The big spenders have created this fiscal mess,” said CF&P Foundation President Andrew Quinlan. “If we let them dictate the terms of any attempted solution,” he added, “it will inevitably involve more taxes and bigger government. Spending restraint is the only viable answer.”
“Almost every industrialized nation is facing a fiscal crisis because of too much spending, even those with considerably higher tax burdens than the U.S.,” added Dan Mitchell of the Cato Institute. “This illustrates why higher taxes are a failed approach, leading to a downward spiral of more taxes, more spending, and more debt.” He concluded, “The only pro-growth approach is to restrain spending so the productive sector of the economy grows faster than government.”
Executive Summary
This Economics 101 video from the Center for Freedom and Prosperity gives seven reasons why the political elite are wrong to push for more taxes. If allowed to succeed, the hopelessly misguided pushing to raise taxes would only worsen our fiscal mess while harming the economy.
This new video is part of CF&P’s Economics 101 video series, which is designed to explain free market concepts, with particular emphasis on reaching students and young people. This is the thirteenth video in the series.
The other Econ 101 videos: Tax Competition: A Powerful Force to Restrain Big Government; Four Reasons Why Big Government Is Bad Government; Keynesian Economics Is Wrong: Economic Growth Causes Consumer Spending, Not the Other Way Around; Indexing the Capital Gains Tax to Protect Taxpayers from Inflation; Repealing Obamacare and Restoring a Free Market in Healthcare; The Job-Killing Impact of Minimum Wage Laws; Deficits, Debts and Unfunded Liabilities; Cost of the Internal Revenue Code; Lessons Learned From Sweden; Government Monopolies; Moral Hazard; and Don’t Copy Europe’s Mistakes.
Web Page for Economics 101 Videos: http://freedomandprosperity.org/videos/economics-101-series/
CF&P Foundation has also released more than three-dozen mini-documentaries since 2007. These videos include Tax Competition Primer, VAT-Hidden Tax, Global Flat Tax Revolution, Cutting the U.S. Corporate Income Tax, Promoting Prosperity, Obama’s So-Called Stimulus, Obama’s Deferral Proposal, Case Against Class-Warfare Tax Policy, President Obama’s Dishonest Demagoguery on Tax Havens, Six Reasons Why the Capital Gains Tax Should Be Abolished, a three part series on the Benefits of Tax Havens and another three-part series on the Laffer Curve.
Link: http://freedomandprosperity.org/videos/economic-lessons-series/
Web Links:
YouTube
http://www.youtube.com/watch?v=kkQ4a0oNXdY
Dailymotion
http://www.dailymotion.com/video/xiize5_seven-reasons-why-tax-increases-are-the-wrong-approach_news
Blip.TV
http://blip.tv/file/5097176
For additional comments:
Andrew Quinlan can be reached at 202-285-0244, andy@freedomandprosperity.org
Dan Mitchell can be reached at 202-218-4615, dmitchell@cato.org
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