Tag: John Stossel

Cash-for-Clunkers is a poorly-disguised tax on the poor

ABC’s brilliant John Stossel explains that Cash-for-Clunkers will crush poor people along with all those clunkers since it is taking affordable used cars off the road.

Your tax dollars at work: $1,000,000,000 to destroy functioning automobiles
Your tax dollars at work: $1,000,000,000 to destroy functioning automobiles

Lawmakers love laws. They love to write ‘em, love to pass ‘em, love to amend ‘em. But the one law they seem to completely ignore is the Law of Unintended Consequences.

ABC’s brilliant John Stossel explains the unfortunate intersection of Cash-for-Clunkers and the Law of Unintended Consequences:

Another unintended consequence of the Cash for Clunkers program is that poor people who can’t afford new cars – or expensive used cars — will be crushed along with all those clunkers. If you can only afford $500 – $1,000 for a car, you’ll find many of these vehicles are now unavailable. They have been sent to the junk yard thanks to this program.

Nobel Prize for Economics, coming up.

Source: John Stossel

Based on his African speech, Obama will soon announce tax cuts

Barack Obama said no business wants to invest where the government skims 20 percent off the top. But America skims 40%, says John Stossel.

John Stossel points out the dichotomy between Obama's words and actions
John Stossel points out the dichotomy between Obama's words and actions

Day in and day out, ABC’s John Stossel is brilliant. Absolutely brilliant. Here’s what he had to say about Obama and taxes:

Apparently President Obama wants America to lower taxes and shrink the regulatory state. After all, during his trip to Africa, he said: “No business wants to invest in a place where the government skims 20 percent off the top”.

But of course the American government skims off much more than 20%. Federal taxes alone are roughly that, and when you add in state and local levies, plus the burden of regulation, government in America eats at least 40% of GDP.

If African governments’ skimming off 20% is a bad thing, why is America’s 40% okay, and why is the President trying to make government bigger?

This is particularly timely since Democrats much-vaunted healthcare plan and is all built around tax increases or surcharges or whatever they’re calling them today.

Love you, John. In the manliest of manly ways, of course.

Source: John Stossel/ABC

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