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Quotation of the Day…

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… is from page 77 of my late, great colleague Walter Williams [2]’s 2015 book, American Contempt for Liberty [3], which is a collection of many of Walter’s columns and essays; this quotation specifically is from Walter’s October 6th, 2010, syndicated column, “Politicians Exploit Economic Ignorance [4]“:

It’s not rocket science to conclude that whatever lowers the cost of capital formation, such as lowering the cost of investing in earthmovers, enables contractors to purchase more of them. Workers will have more capital to work with and as a result enjoy higher wages. Policies that raise the cost of capital formation such as capital gains taxes, low depreciation allowances and corporate taxes, thereby reduce capital formation, and serve neither the interests of workers, investors nor consumers. It does serve the interests of politicians who get more resources to be able to buy votes.