Taxation

Opponents of tax cuts do not want justice. They want redistribution of wealth

A group including about 250 million- and billionaires calling themselves Proud to Pay More (P2PM) advocated the imposition of wealth taxes in an open letter to the “luminaries” meeting in Davos, Switzerland.

Increasing taxes threatens future production to the detriment of all.

If musicians and concertgoers are upset by the so-called “deceptive” practices of a “monopoly” like Ticketmaster and want the government to do something, they actually may want to redirect their attention towards another entity with monopoly power that also attempts to hide fees. That entity is … the government.

The tax code’s complexity has created an environment in which tax-preparation services, lobbyists, favored industries, and politicians thrive, while taxpayers struggle to make sense of ever-changing rules and regulations.

The uniformity-of-profit principle sheds light on the effect of business tax exemptions and their elimination.

Joe Biden’s demagoguery, arrogant impatience, and dictatorial manner do not and cannot change reality. At the end of the day, his policies can only lead to a financial and economic disaster.

The thought of living within a balanced budget sends a frightening shiver down almost every politician’s spine. 

Politicians always promise that public investment will return more in benefits to taxpayers. But it’s not true.

The Democrats’ $1.9 trillion “American Rescue” plan, which has little to do with rescuing and everything to do with using the pandemic as an excuse to move the country closer to statism. The latest $1.9 trillion addition to the federal debt is best described as a left-wing slush fund.

Leftist politicians who want to get into our pocketbooks are beginning to argue that the COVID-19 pandemic is the best argument for a wealth tax.

The bottom line is that there is nothing historic about this budget, or these cuts.

Repealing the inheritance tax means that substantial sums that would otherwise disappear into government spending programs will instead be used to make capital investments.

It’s increasing by $1 trillion a year.

A Note on Asset Prices, Wealth, and Inequality

Milton Friedman made the observation that the true size of government is measured not by how much it rakes in currently in taxes by how much it spends.

Is a proposed federal wealth tax on the ultra-rich the solution to America’s budget-deficit woes?

George Soros and his son Alexander Soros, Facebook co-founder Chris Hughes, heiress Abigail Disney and “Anonymous” are free to give their wealth to politicians right now.

There’s nothing moral, “fair” or “progressive” about a graduated (communist) tax schedule.

Do we leave (wealth) in the private sector where the market decides? Or do we subject it to corrupt politicians?

Some 45 percent of American households, nearly 78 million individuals, have no federal income tax obligation.