|
"Warmth of Collectivism Mamdani Declares ‘Historic’ Crisis After Blowing Deadline, Pushes State Bailout"
"The Political Violence Epidemic Plagues Correspondents’ Dinner"
"Virginia Dems May Have Gerrymandered Themselves Straight Into a Legal Buzzsaw - Former AG Explains It All"
"Mamdani Hopes Racial Agitation Succeeds Where ‘Affordability’ Has Failed"
"New: Iran Is Already Blatantly Violating the Ceasefire, Large Missile Barrages Reported"
"No on Virginia’s Gerrymander"
"Senate Votes to Open Debate on Landmark Voter ID Bill"
"The American Islamist Threat Never Left Us"
"Trump to Attend White House Correspondents' Dinner"
"Islamic Republic of Iran Not Dead Yet, Reportedly Using Electronic Warfare in Crucial Strait of Hormuz"
"Can Britain Be Restored?"
"Trump's Big, Beautiful Cartel Crackdown: 92 Cartel Members Extradited Before Jalisco Raid"
"Why the Left is Triggered by Western Culture"
"The Uncomfortable Truth About Trans Violence and Political Radicalization"
"AOC’s Risible Performance"
"Why the Outrage Over the Cuts at the Washington Post Is So Annoying"
"New Poll Crushes Dem, Media Narrative: Americans Demand Mass Deportations, Back ICE Overwhelmingly"
"Democratic Overreach on Immigration Beckons"
How to negotiate to buy a car
Trump warns of a 'massive Armada' headed towards Iran
End Times Prophecy: Trump Says Board of Peace Will Override Every Government & Law – 10 Kings Rising
Maine's legendary 'Lobster Lady' dies after working until she was 103 and waking up at 3am every day
Hannity Says Immigration Raids at Home Depot Are Not ‘A Good Idea’
TREASON: Their PRIVATE CHAT just got LEAKED.
"Homan Plans to Defy Spanberger After ‘Bond Villain’ Blocks ICE Cooperation in VA: ‘Not Going to Stop’"
"DemocRATZ Radical Left-Wing Vision for Virginia"
"Tim Walz Wants the Worst"
Border Patrol Agents SMASH Window and Drag Man from Car in Minnesota Chaos
"Dear White Liberals: Blacks and Hispanics Want No Part of Your Anti-ICE Protests"
"The Silliest Venezuela Take You Will Read Today"
Michael Reagan, Son of Ronald Reagan, Dies at 80
Patel: "Minnesota Fraud Probes 'Buried' Under Biden"
"There’s a Word for the West’s Appeasement of Militant Islam"
"The Bondi Beach Jihad: Sharia Supremacism and Jew Hatred, Again"
"This Is How We Win a New Cold War With China"
"How Europe Fell Behind"
"The Epstein Conspiracy in Plain Sight"
Saint Nicholas The Real St. Nick
Will Atheists in China Starve Due to No Fish to Eat?
A Thirteen State Solution for the Holy Land?
US Sends new Missle to a Pacific ally, angering China and Russia Moscow and Peoking
DeaTh noTice ... Freerepublic --- lasT Monday JR died
"‘We Are Not the Crazy Ones’: AOC Protests Too Much"
"Rep. Comer to Newsmax: No Evidence Biden Approved Autopen Use"
"Donald Trump Has Broken the Progressive Ratchet"
"America Must Slash Red Tape to Make Nuclear Power Great Again!!"
"Why the DemocRATZ Activist Class Couldn’t Celebrate the Cease-Fire They Demanded"
Antifa Calls for CIVIL WAR!
British Police Make an Arrest...of a White Child Fishing in the Thames
"Sanctuary" Horde ASSAULTS Chicago... ELITE Marines SMASH Illegals Without Mercy
|
Status: Not Logged In; Sign In
Economy
See other Economy Articles Title: A Wealth Tax Reality Check
Source:
Econlib
URL Source: https://www.econlib.org/library/columns/y2023/mckenziewealthtax.html
Published: Jun 7, 2023
Author: Richard B. McKenzie
Post Date: 2023-06-07 19:48:59 by Charles_Byrd
Keywords: None
Views: 155
At every opportunity, President Joe Biden has pressed a central tenet of his social agenda: “Extremely wealthy Americans don’t pay their fair share of federal income taxes” (emphasis added). By Internal Revenue Service definitions of income, top income earners generally pay a far greater federal income-tax share than do lower income groups. Without saying so, the President has greatly expanded wealthy Americans’ income to include their considerable unrealized capital gains, dramatically lowering their income-tax rate, which he uses to advance his wealth-tax case. To initiate wealth taxation, Biden proposes a “minimum billionaires tax,” under which wealthy Americans will pay at least 20% of their “total income”—including unrealized capital gains—in federal income taxes.1 A sizable majority (59%) of diverse Americans2 also favored a wealth tax in 2022. Political support for a wealth tax appears to be built on two incorrect presumptions: First, wealthy Americans pay precious little income taxes (conventionally defined). Second, workers’ “income” and the wealthy’s “capital gains” are conceptually the same. As explained, given the economics of wealth accumulation, the wealthy (especially those self- made) should be celebrated, not denigrated, because of the resulting far greater gains provided non-wealthy Americans. Click for Full Text! Post Comment Private Reply Ignore Thread
|
