A possible way to start on the elimination of the income/inheritance tax right now would be to fight for the immediate adoption of a universal exemption of at least 51 percent of everyone’s income from federal, state, and local income taxation under all circumstances.
Voice of Capitalism
Our weekly email newsletter.
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.
Populism is what happens when a republic becomes a democracy, and politicians must curry the favor of voters in order to win office.
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.
Opponents of tax cuts do not want justice. They want redistribution of wealth
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.
The world of plunder can be replaced with a community of free people pursuing mutually beneficial peaceful production.
This tax reform appears to have been designed primarily to help secure future funding for a large, and growing, welfare state. Is this really what most Republicans in Congress wanted?
Taxing corporate income doesn’t benefit but hurts workers while discouraging investment.
One of the painful realities of our times is how long a political lie can survive, even after having been disproved years ago, or even generations ago.
Unlike most prior tax cuts, the Trump version does not even make any attempt to balance the cuts with corresponding cuts in government spending.
Those who think that government collecting taxes from those who are productive to give them to those who are not is just, do so because they have accepted the morality of altruism and egalitarianism and believe that statism is the ideal social system.
According to estimates by the Tax Policy Center, slightly over 45 percent of American households have no federal income tax liability.