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Thomas Sowell: The Invincible lie Part II

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Published on: July 10, 2012

Nothing produces more of a sense of the futility of facts than seeing someone in the mass media repeating some notion that has been refuted innumerable times over the years.

On July 9th, on CNN’s program “The Situation Room” with Wolf Blitzer, commentator Gloria Borger discussed President Obama’s plan to continue the temporary extension of the tax rates established under the Bush administration — except for the top brackets, where Obama wanted the tax rates raised.

Ms. Borger said, “if you’re going to lower the tax rates, where are you going to get the money from?”

First of all, nobody is talking about lowering the tax rates. They are talking about whether or not to continue the existing tax rates, which are set to expire after a temporary extension. And Obama is talking about raising the tax rate on higher income earners.

But when Ms. Borger asked, “where are you going to get the money from?” if you don’t raise tax rates, that assumes an automatic correlation between tax rates and tax revenues, which is demonstrably false.

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