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:
1) Tax increases are not needed;
2) Tax increases encourage more spending;
3) Tax increases harm economic performance;
4) Tax increases foment social discord;
5) Tax increases almost never raise as much revenue as projected;
6) Tax increases encourage more loopholes; and,
7) Tax increases undermine competitiveness
