We have pushed taxation of wealth to a point in Great Britain where in many cases the yield would be greater if the rate were less. The idea that prosperity can be wooed by chasing millionaires is one of the most common and most foolish of modern popular delusions.
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Notes from Wikiquote
Reproduced in The Collected Essays of Sir Winston Churchill, Vol IV, Churchill at Large, Centenary Edition (1976), Library of Imperial History, p. 335. ISBN 0903988453