Basketball and Taxes

By Burt Folsom

This time of year, Americans are thinking primarily about two things: basketball and taxes. As the NCAA Men’s Basketball Tournament gets underway, millions of fans are filling out their brackets. The winner of each game is easy to determine. Whoever has the most points wins the game.

Taxes are a bit more complicated, because of the thousands of tax regulations put in place by both state and federal governments, and because of all the misinformation on tax policy. Here are three myths about taxes:

1. We need the income tax to pay all the costs of running our federal government……

2. We need a large income tax to give more needed social services to the American people……

3. The rich ought to pay proportionately much more income tax than everyone else……

With all of the government red tape and waste in using tax money, it’s easy to see why Americans probably prefer to think about basketball these days. At least everyone knows the real score….To Read More….