AEIdeas

The public policy blog of the American Enterprise Institute

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Discussion: (14 comments)

  1. Geez! Maybe Reuters is incapable of seeing irony…

    From CNBC: Obama Wins 8 of the Nation’s 10 Wealthiest Counties

    From the New York Post: US citizens leaving the country to avoid stiff tax bills

  2. SeattleSam

    Increasing taxes on left-handed people might only reduce growth rates by 20 points. So why not raise taxes just on southpaws?

    1. Jon Murphy

      Yeah! What have those free-loading lefties ever done for us? :-P

      1. Yeah! What have those free-loading lefties ever done for us?“…

        Open admission that you’re not a fan of the progressive tax system?

        1. Jon Murphy

          Nope. Personally, I am in favor of a VAT (assuming now other income, sales, or capital gains tax exists). It would be regressive since it is a consumption tax and consumption taxes are inherently regressive, but I feel it would be most efficient. It would eliminate many loopholes and red tape, plus allow every person to pay his “fair share” based on the level at which he consumes in the economy: those who consume more (the rich) will pay a higher tax than those who consume less (the poor).

          1. Jon Murphy

            That should say “assuming no other income…”

          2. jon says: “Nope. Personally, I am in favor of a VAT (assuming now other income, sales, or capital gains tax exists). It would be regressive since it is a consumption tax and consumption taxes are inherently regressive, but I feel it would be most efficient“…

            Hmmm, good idea but smacks of to much common sense…

            I always thought that excise tax would be the way to go…

          3. Open admission that you’re not a fan of the progressive tax system?“…

            Right jon, the worst sort of system…

            Its outright theft of personal property…

            The Power to Tax Is the Power to Destroy

          4. Jim Baudreau

            VAT is a horrific tax as it increases prices all the way down the line and creates an enormous and burdensome bureaucracy. The Fair Tax is a much better way to go and will do so much more to A) stimulate the economy and B) help the lower and middle classes.

          5. The fair tax is a much better idea. http://www.fairtax.org

  3. Jon Murphy

    Some quick math (feel free to check me) says that quarter of a percent represents about $34 billion in growth (give or take).

  4. Aaah, these wealthy; they are the victims of their own success and the anathemas of the “compassionate looters” but remember this:
    The horse wagon AMERICA has now so many “passengers” on it that they have started eating the “horses” one by one…

    1. oly says: “The horse wagon AMERICA has now so many “passengers” on it that they have started eating the “horses” one by one“…

      Yep!

      From Zero Hedge: Obama’s Victory Is Very Bullish For This Google Search Query

      The query in question? “Renounce Citizenship”

  5. Rich Hartman

    Or, increase in growth will be 17% less if the tax rate on the “rich” is allowed to expire.

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