The Laffer Curve. It’s the idea that as tax rates rise beyond a certain point, tax revenue declines. It makes sense at the extremes; a tax of 0% raises zero dollars. A tax of 100% also raises zero dollars. No one works for free.
An example of this concept was displayed in Washington DC last month:
Wal-Mart Stores (WMT) no longer plans to build three stores in the nation’s capitol, after the city’s council voted to force large retailers to pay starting wages that are 50% higher than the minimum wage there.
The world’s largest retailer also said it will consider its options related to three other Washington, D.C., stores that are still under construction.
D.C., a wildly successful example of a city that lifts its poor and most fragile citizens out of poverty:
/sarcasm
has once again created a law that really proves who is waging a “war on the poor.”
It isn’t the conservative whole embraces the free market that “hates” the poor, no. Rather, it’s the intellectual liberal that “hates” the poor. How else to describe the mentality of a people who vote to force job creators out of the market?
You’ll probably never get rich at Wal-Mart, but a job there is better than not a job anywhere.