The major disadvantage of the proposed negative income tax is its political implications. It establishes a system under which taxes are imposed on so… - Milton Friedman
" "The major disadvantage of the proposed negative income tax is its political implications. It establishes a system under which taxes are imposed on some to pay subsidies to others. And presumably, these others have a vote.
About Milton Friedman
Milton Friedman (31 July 1912 – 16 November 2006) was an American economist noted for his support for free markets and a reduction in the size of government. In 1976 he was awarded a Nobel Prize in Economics.
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Additional quotes by Milton Friedman
...[One] of the paradoxes of experience is that, in spite of...historical evidence, it is precisely the minority groups that have frequently furnished the most vocal and numerous advocates of fundamental alterations in a capitalist society. They have tended to attribute to capitalism the residual restrictions they experience rather than to recognize that the free market has been the major factor enabling these restrictions to be as small as they are...the purchaser of bread does not know whether it was made from wheat grown by a white man or a [black man], by a Christian or a Jew. In consequence, the producer of wheat is in a position to use resources as effectively as he can, regardless of what the attitudes of the community may be toward his color, the religion, or other characteristics of the people he hires.
Industrial progress, mechanical improvement, all of the great wonders of the modern era have meant little to the wealthy. The rich in ancient Greece would have benefited hardly at all from modern plumbing — running servants replaced running water. Television and radio — the patricians of Rome could enjoy the leading musicians and actors in their home, could have the leading artists as domestic retainers. Ready-to-wear clothing, supermarkets — all these and many other modern developments would have added little to their life. They would have welcomed the improvements in transportation and in medicine, but for the rest, the great achievements of western capitalism have rebounded primarily to the benefit of the ordinary person. These achievements have made available to the masses conveniences and amenities that were previously the exclusive prerogative of the rich and powerful.
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Even the most ardent environmentalist doesn't really want to stop pollution. If he thinks about it, and doesn't just talk about it, he wants to have the right amount of pollution. We can't really afford to eliminate it - not without abandoning all the benefits of technology that we not only enjoy but on which we depend.