Ep. 331 No, Progressives, Lower Tax Rates on the Rich Don’t Wreck the Economy
The Tom Woods Show
Tom Woods
4.8 • 3.4K Ratings
🗓️ 2 February 2015
⏱️ 23 minutes
🧾️ Download transcript
Summary
Thom Hartmann’s fans have been sending around a graphic claiming that the economy tanks when taxes are lowered on the rich. It’s so wrong it’s embarrassing. Bob Murphy and I dismantle the thing completely.
Article Discussed
“Thom Hartmann’s Bogus Tax History,” by Bob Murphy
About the Guest
Robert P. Murphy holds a Ph.D. in economics from New York University. He is the author of numerous books (see below), including study guides to Ludwig von Mises’ Human Action (study guide here) and The Theory of Money and Credit (study guide here), and Murray Rothbard’s Man, Economy, and State (study guide here).
Guest’s Blog
Books by the Guest
Lessons for the Young Economist (free textbook; click here for a free teacher’s manual)
Chaos Theory (available free)
Understanding Bitcoin (with Silas Barta; available free)
The Politically Incorrect Guide to Capitalism (also available as an audiobook)
The Politically Incorrect Guide to the Great Depression and the New Deal (also available as an audiobook)
Woods Book Mentioned
Guest’s Twitter
Guest’s Facebook
Related Episode
Ep. 118: Boom and Bust: The Cause (David Howden)
(See also this short video, taken from this heavily viewed longer video, in which I explain the Austrian theory of the business cycle and the role of the Fed in the boom and bust.)
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Bob Murphy is joining the faculty at Liberty Classroom this year! Learn from Bob in courses you can listen to on the go, plus live Q&A sessions and more. Twelve courses teaching the history and economics we didn’t learn in school await you already. Join us, using coupon code SHOW (all caps) for a special discount.
Transcript
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| 0:00.0 | In a world of Democrats, there will be time for them to make profits. |
| 0:05.2 | Now's not that time. |
| 0:06.4 | And Republicans. |
| 0:07.9 | I've abandoned free market principles to save the free market system. |
| 0:12.2 | You need a voice of liberty. |
| 0:15.0 | Look no further. |
| 0:16.7 | You've found it. |
| 0:18.4 | Tom Woods. |
| 0:21.2 | Beware, citizen. |
| 0:22.9 | You are now departing from the world of allowable opinion. |
| 0:26.9 | The Tom Woods Show. |
| 0:33.8 | Welcome to the Tom Woods Show, episode 331. |
| 0:38.0 | We welcome Bob Murphy back to the show. |
| 0:40.4 | Today we're going to review a very, very widely shared item on social media. |
| 0:46.9 | It's a graphic, but it's really just text by Tom Hartman, the radio host, |
| 0:52.7 | that purports to show that when taxes are lowered on the so-called rich, disaster ensues. |
| 1:00.0 | But when you raise those taxes again, everything is great. Well, it turns out everything on that graphic is completely wrong. |
| 1:09.0 | So Bob and I are going to have fun dismantling it. Before I introduce Bob to you, |
| 1:13.6 | let me note that as I've told you guys before, I'm in a bit of a transition period in terms of my hardware here. |
| 1:20.6 | I'm doing two different things on the same equipment. I'm recording videos for Ron Paul Homeschool.com on this equipment, |
| 1:26.6 | and I'm also doing the show. And I need different |
| 1:29.4 | settings for the two different things. And sometimes lately I haven't been making the changes. |
... |
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