The Trouble With Taxes

This article brings light onto something which I believe isn’t talked about enough, and that is the impact that government involvement has on markets and their activity. It is very obvious that with the markets for clothing, automobiles, and other goods that aren’t interfered with by the government are much more affordable for a larger group of people. The markets always seem to regulate themselves to a point where everyone is happy, ultimately proving Adam Smith’s invisible hand theory to be true. A graphic shows that TV, clothing, and cell phones have all become more affordable over time. These things are not controlled by the government, rather they are controlled by consumers. Almost everyone in America owns a tv or has the money to afford one if they choose to not have one. On the other hand, the graphic shows that the price changes between 1996-2016 in markets such housing, food, healthcare, and college have all increased drastically. The involvement of government ultimately creates inefficiency in the long run, even though they seek to make things more affordable.

As for the argument about taxing and whether or not to get rid of them is very difficult for me to make an opinion on it. This is because that although I do agree that high taxes prevent the economy from growing due to the hesitation of smaller companies forming in an environment where they would be expected to pay high taxes, however getting rid of a personal income tax and or corporate tax would probably increase that tax elsewhere, causing us to still pay it in some form or another. Maybe this could be paid by large corporations so small ones don’t bear a burden? I don’t really know, but I do know that there has to be some change made.