Income and Wealth Are Not the Same Thing

SEE HERE There is something perverse about the constant mantra from the left that the right engages in "trickle down" economics.  The real issue should simply be the truth.  How in fact does the economy work?  Thomas Sowell knows and is always a source of clear thinking on the topic.  He points out that if you tax high income individuals then what you are really doing is giving them an incentive to move their money into various tax free assets or move their money off shore.  Often these higher tax rates result in no increase in revenue at all, often an actual loss in revenue.  That's what the Laffer Curve was all about.  But liberals ignore reality (in fact that is almost a definition of liberals) and instead seek to impose their prejudices and misconceptions on us all.  "Trickle down" economics is one of those misconceptions, or perhaps lie would be a better term since as Sowell points out, no real economist has ever used the term.