A Tech-Econ Mashup with a Libertarian Flavor

Quoting Milton Friedman

I’ve been re-watching Friedman’s 1980 PBS series “Free to Choose,” and came across this little gem last night:

I take it you think we don’t have socialism. I would say to you that 35* percent of every corporation in this country is owned by the U.S. Government. That’s the corporate income tax, that means out of every dollar of profit the corporation makes, 35 cents goes to the U.S. Government. The actual tax is far higher than that because you tax that doubly when it comes to the individual. The extent to which corporations control their investment decisions has been increasingly reduced. The government is dictating what they spend their investment funds on in the name of pollution control, in the name of other things. It’s a myth to suppose that there is some kind of a big corporate power over here. There was a time when corporations were more influential than they are now, but at the moment I think they’re a beleaguered minority rather than a dominant majority.

*at the time of the show’s taping, the corporate tax rate was actually 46%.


Filed under: Economics, , , ,

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Whenever you find that you are on the side of the majority, it's time to pause and reflect.
-Mark Twain

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