Can We Avoid “Taxmageddon” in 2013?
In 1959, during an interview with the late Mike Wallace, Ayn Rand, the author of “Atlas Shrugged”, said “A free market will not break down.
All depressions are caused by government interference and the cure that is always offered is more of the same poisons that caused the disaster.”
After the stock market crashed on October 29, 1929, the government’s solution to the crisis was to raise the top tax rate from 25% to 63%. Successively this was increased to 79% and then to 94%, effectively choking off capital formation, investment, and the incentive to start new businesses.