I’m in favor of free markets. That means I’m sometimes on the same side as big business, but it also means that I’m often very critical of big business. That’s because large companies are largely amoral. Depending on the issue, they may be on the side of the angels, such as when they resist bad government policies such […]
read more...I’m ecumenical on tax reform. I’ll support any plan that rips up the internal revenue code and instead lowers tax rates, reduces double taxation, and cuts out distorting loopholes. And as I explain in this interview, both the flat tax and national sales tax have a low tax rate. They also get rid of double taxation and they […]
read more...I realize this may be a thought crime by DC standards, but it sure would be nice to eliminate the high tax rates that undermine economic growth and reduce American competitiveness. At the risk of sharing too much information, I fantasize about a world without the internal revenue code. In addition to getting rid of high tax rates, […]
read more...Last August, I shared a fascinating map from the Tax Foundation. It showed which states have chased away taxable income and which ones have attracted more taxpayers (along with their taxable income). In other words, what are the “Golden Geese” doing with their money? Well, the obvious and unsurprising answer is that they are escaping high-tax states and […]
read more...I’m a supporter of a single-rate tax regime, especially if there’s no double taxation of income that is saved and invested. That’s why I like the flat tax. But I’ve expressed concern about the national sales tax, even though it’s basically the same as a flat tax (the only real difference is that the flat tax takes a bite […]
read more...As much as I condemn American politicians for bad policy, things could be worse. We could be Greek citizens, which would be very depressing. Indeed, you’ll understand why I put Obamaland in the title after you read today’s column. Simply stated, Greece is a cesspool of statism. The people seem to be wonderful (at least outside […]
read more...Back in the 1980s and 1990s, there was a widespread consensus that high tax rates were economically misguided. Many Democrats, for instance, supported the 1986 Tax Reform Act that lowered the top tax rate from 50 percent to 28 percent (albeit offset by increased double taxation and more punitive depreciation rules). And even in the 1990s, many on […]
read more...I generally get very suspicious when rich people start pontificating on tax policy. People like Warren Buffett, for instance, sometimes advocate higher taxes because they’re trying to curry favor with the political elite. Or maybe they feel compelled to say silly things to demonstrate that they feel guilty about their wealth. Regardless, I don’t like their policy proposal (as […]
read more...An underwhelming proposal.
read more...The tax code is a complicated nightmare, particularly for businesses. Some people may think this is because of multiple tax rates, which definitely is an issue for all the non-corporate businesses that file “Schedule C” forms using the personal income tax. A discriminatory rate structure adds to complexity, to be sure, but the main reason for […]
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