Posted by
Playful Walrus on Tuesday, August 26, 2008 3:48:21 PM
Yesterday, I saw this headline on Yahoo! News:
Tax Loopholes Seen Costing Billions Annually
But in reality, tax loopholes don’t cost anybody anything. Tax breaks don’t cost anything. If you keep more of your own earnings to spend and invest as you want, that doesn’t cost the Treasury. It simply means there is less money in the hands of Congress, but it isn’t Congress’ money to begin with.
The story goes on to quote some socialist group and repeat the error while trying to foster class envy.