Quote by Henry Hazlitt
The mounting burden of taxation not only undermines individual incentives to increased work and earnings, but in a score of ways discourages capital accumulation and distorts, unbalances, and shrinks production. Total real wealth and income is made smaller than it would otherwise be. On net balance there is more poverty rather than less.
Summary
This quote highlights the negative impact of heavy taxation on both individuals and the economy as a whole. It argues that high taxes reduce people's motivation to work harder and earn more, leading to decreased productivity. Additionally, it suggests that excessive taxation discourages the accumulation of capital, which is essential for economic growth. As a result, the quote asserts that heavy taxation distorts the economy, reduces overall wealth and income, and ultimately contributes to higher levels of poverty.
Topics
Taxation
Liked the quote? Share it with your friends.
