The one thing that worries me about very high taxes on rich people is the idea that they might slow innovation. Here's a theory paper making this claim: https://www8.gsb.columbia.edu/faculty-research/sites/faculty-research/files/finance/Macro%20Workshop/toptax.pdf?fbclid=IwAR1YeWt_pT8zm6B54zV-SBREh6cub5fNEBDr-rndOVqvOvcid_0yaNTLnxc … Meh. Theory, whatever. But here's an empirical paper making this claim: https://www.nber.org/papers/w24982
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I also want to know if there's a way to have high marginal rates for things that look and act like rent-seeking, and lower rates/higher incentives for things that look like genuine entrepreneurship & technical innovation.
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I love this idea but hard to see in practice. What is an example of the rent seeking you would like to tax more highly? is it the less virtuous startups? is it the investors? I agree there are differences in value but seems impossible to categorize.
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