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As Democrats Push A ‘Wealth Tax,’ Here’s Why Other Countries Got Rid Of It – OpEd

As Democrats Push A ‘Wealth Tax,’ Here’s Why Other Countries Got Rid Of It – OpEd
Photo Credit: Kick Out The Scum by a4gpa is licensed under Flickr CC BY-SA 2.0
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.

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Americans for Fair Taxation® is a 501(c)(4) non-profit, non-partisan grassroots organization solely dedicated to replacing the current income tax system with a fair, simple and transparent national consumption tax – the FAIRtax® Plan. We rely entirely on contributions from concerned citizens like you who want a tax system that will generate jobs and stimulate the economy. Welcome to the FAIRtax team!

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