Debunking the 'Conservative' Argument for a
Daniel J. Mitchell, a top expert on tax reform and supply-side tax
policy at the Cato
Institute, has authored "Debunking the 'Conservative' Argument for a
Wealth Tax", Jan. 17, 2012.
... sometimes itâ€™s necessary to counter absurd arguments, precisely so
they donâ€™t gain a foothold among otherwise sensible people. Thatâ€™s why itâ€™s
time to write about the economics of a wealth tax.
The wealth tax is really a tax on saving and investment. And the tax
rates are likely to be very high. Indeed, if the economy is sour and
portfolios are growing at less than 3 percent, the tax rate can be more than
100 percent! You donâ€™t have to be a wild-eyed supply sider to conclude that
there may be some negative effect on incentives to save and invest.
[responding to a suggestion for a 3% tax on net wealth].
248 Response: There is a Conservative Case
248 Response to "Constitutional" Comment
248 Response to "Retirement" Issue