via Hoover Daily ReportThe Hoover Institution today launched Friedman Fundamentals, the latest video series in its Educating Americans in Public Policy (PolicyEd) program. The new videos pair the voice of economist Milton Friedman with custom and contemporary animation to compellingly illustrate his timeless explanations of economic concepts and policy ideas.
via PolicyEdMilton Friedman explains what happened when federal tax rates actually reached seventy percent over fifty years ago. As tax rates go up, taxpayers have more of a reason to avoid paying those taxes. Loopholes go hand-in-hand with higher tax rates, which is why lower rates on a broader base of income leads to a more equitable system.