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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Right. Garnishing substantially more revenue would require a big effort to overhaul the tax code. We could do it, but it wouldn't be easy.
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More wealth taxing, fewer attempts to do everything we can to get more from income (+ some kind of Buffett Rule)?
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Sorry, let me rephrase. I fear it might be impossible, which has very different implications than hard. (1/2)
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(2/2) I think the solution is significant estate tax and remove donation deduction over some limit, say $250K/yr.
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Tyler Cowen made this argument recently too. No clue why he dropped the income threshold in his argument though. https://www.bloomberg.com/opinion/articles/2019-01-08/income-tax-rate-of-70-percent-would-be-disastrous-for-democrats …
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