Tag Archives: taxation

The inheritance tax: A fiscal and moral case study

Source: Acton Institute
by Angel Manuel Garcia Carmona

"Developed nations are reconsidering the economic and moral impact of the inheritance tax. This is a welcome development, since a large estate tax has broader negative consequences for individuals, families, and businesses, as illustrated by my native Spain." (10/16/17)


Sin taxes: The "nudge" that benefits terrorism

Source: Acton Institute
by Rev. Ben Johnson

"Richard Thaler won the Nobel Prize for describe how even small economic incentives can affect behavior. One of those nudges, high 'sin taxes,' has helped finance terrorism and organized crime." (10/13/17)


The voluntary income tax

Marco den Ouden

Source: The Jolly Libertarian
by Marco den Ouden

"After conscription, the income tax is the most offensive form of involuntary servitude imposed by the state. There is a certain voluntary element in a sales tax in that one chooses to buy a product in spite of the tax. The compulsion is still there in that businesses are drafted into the role of involuntary tax collector again. But for the consumer, there are options. However, the income tax is a pure tax on labour. It is extracting a benefit from your labour for the benefit of the state by force. The main objection of libertarians to the income tax, and indeed to all taxes, is the element of coercion involved. And so, I have come up with a novel idea — a voluntary income tax!" (10/13/17)


Will tax reform increase or limit liberty?

Source: Campaign For Liberty
by Ron Paul

"Pairing tax cuts with increases in federal spending and debt — and the drafters of the framework admit their plan will increase the debt by at least $2.2 trillion — means that the economic benefit from the tax cuts will be outweighed by the economic harm caused by the increase in debt. Increasing the debt also means the Federal Reserve will further devalue the dollar in order to monetize that debt. While the Republican tax and budget plans predict uninterrupted economic growth, the US economy is far more likely to undergo a major economic crisis caused by a rejection of the dollar's world reserve currency status. While all supporters of individual liberty and sound economics should support tax cuts, the Republicans' failure to cut spending means that their tax plan will do little to increase liberty or prosperity." (10/09/17)


GOP tax plan: Hardly "reform," but tax cuts "cost" nothing

Source: Garrison Center
by Thomas L Knapp

"I’m all for tax cuts and not terribly particular about where they fall. But let’s be honest: Cutting the corporate and top rates isn’t about sound economics, it’s about whose lobbyists buy the most expensive lunches for, and who contributes most reliably to the campaigns of, which politicians. Of course, the main criticism coming from opponents of tax cuts as such is that those cuts would 'cost' the US government something. The New York Times claims (drawing on an analysis by the Tax Policy Center) that 'the corporate tax cuts will cost nearly $7 trillion over the next two decades …. the entire package is expected to cost an estimated $5.6 trillion over the next 20 years.' Well, no. The total 'cost' of the proposed tax cuts would be a whopping zero dollars and zero cents." (10/03/17)


The GOP tax reform plan: A preliminary libertarian analysis

Source: LewRockwell.com
by Laurence M Vance

"The Republicans have released their latest tax-reform plan. 'Unified Framework For Fixing Our Broken Tax Code' is a simple, 9-page document that leaves the reader with many unanswered questions. Back in 2015, I subjected the tax proposals President Obama made in his State of the Union address to a libertarian analysis. Earlier this year, I did the same for President Trump’s tax plan. It is only fitting that I now do the same for the Republicans’ framework." (10/03/17)


Trump's tax reform: On the right track

Source: Independent Institute
by Randall Holcombe

"The tax reform proposal offered last week by President Trump and Republicans in Congress would be an improvement over the current system, but more so for corporate income taxes than for individual income taxes. It appears that the biggest advantage the proposal offers individual taxpayers is a simplified tax structure, whereas significant cuts are in the works for corporate taxes." (10/02/17)


The Big Six's tax reform framework: The good and the bad

Source: Niskanen Center
by Karl Smith

"The Big Six —two representatives each from the White House, the Senate and the House of Representatives — released their framework for tax reform on Wednesday and the responses have been lukewarm to negative. A particularly brutal take came from Josh Barro at Business Insider, who called the GOP’s pledge to 'double the standard deduction' a lie. Here’s the important fine print: 'To simplify the tax rules, the additional standard deduction and the personal exemptions for taxpayer and spouse are consolidated into this larger standard deduction.' … Yet, while this proposal isn’t as promising as it could be in terms of tax relief, it scores better as tax reform. For individual taxpayers, we see a meaningful effort to curb and slowly eliminate the myriad of deductions and loopholes that plague the tax code. On the corporate side, the move to a territorial system is a step in the right direction, toward a system with less gamesmanship and fewer tax-avoidance strategies." (09/29/17)


Give everyone a raise through payroll tax cuts

Source: Foundation for Economic Education
by James Capretta

"Republicans are just getting started with their effort to reform individual and corporate taxes, but already it is possible to see warning signs ahead. Opponents of reform say the effort will mainly benefit high-income households, who don’t need the help. They ignore the effect lower marginal rates will have on economic growth and job creation. Tax reform could falter if the public perceives it as a giveaway to the rich. Republicans can partially blunt the effectiveness of these attacks by including in their plan a reduction in payroll tax rates, which would directly help the middle class." (09/29/17)


We need tax cuts to defuse political extremism

Source: Foundation for Economic Education
by Jeffrey A Tucker

"For ten years now, government has tried every trick for repairing the economy, from bailouts to zero interest rates to ridiculous jobs programs to protectionism. Nothing works. The only way to repair the problem is to stop punishing wealth creation and start letting people and businesses keep more of their own earnings. This shouldn’t be difficult to understand. Think of a locally owned restaurant you like. Better, go visit the restaurant and talk to the owner. Ask him and her what it would take to consider opening up another just like this one on the other side of town. How about a reduction of the corporate rate of taxation from 35% to 28.5%? I guarantee you will get the answer: yes, that would help. Much better would be 20%. Best would be 0%. Turn the United States into a low-tax utopia, sea to shining sea, and you will watch economic growth move from nothing to astronomical in a matter of months." (09/28/17)