Episode 233: Disincentivizing Taxes
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Taxes and the Unintended Consequences
Bush wanted to impose a 10% luxury tax on yachts and private planes. The proposed tax went before Congress joint committee on taxation, which is one of the groups that deals with estimating the effects of taxes. They estimated it would bring in $31 million in revenue - absurdly low compared to what U.S. spends every day. If they called us ahead of time, we would have told them, don't bother with this.
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