Taxing wealth is the same as taxing saving and investment (actually, it’s the same as triple- or quadruple-taxing saving and investment). And that’s bad for competitiveness, growth, and wages.
And the implicit marginal tax rate on saving and investment can be extremely punitive. Between 67% and 100% in Alan’s examples. And that’s in addition to regular income tax rates. You don’t have to be a wild-eyed supply-side economist to recognize this is crazy.
Which is 1 of the reasons why other nations have been repealing this class-warfare levy.
As Democrats Push A ‘Wealth Tax,’ Here’s Why Other Countries Got Rid Of It – OpEd
- by: Daniel J. Mitchell
- 07-01-2019
- Source:
Mises Institute
- 04/09/2021