Cato Daily Podcast
Inflated Revenue Claims in Pursuit of a Wealth Tax
Apr 10, 2024
Economic historian Phil Magness critiques proposals to tax unrealized income, debunking revenue predictions. Topics include billionaire tax, challenges of taxing unrealized gains, implications of wealth tax, inflated net worth claims, and wealth inequality narratives.
09:24
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Quick takeaways
- Taxing unrealized income may not yield predicted revenues due to flawed math in projections.
- Debates on wealth inequality often stem from selective statistics, with various measures available to offset perceived rises.
Deep dives
Misconceptions About Taxing Unrealized Gains
There is a push to tax unrealized capital gains, claiming it would generate significant revenue. However, economic historian Phil Magnus argues that the underlying math behind these revenue projections is flawed. The debate stems from the idea that taxing unrealized gains on assets, like stock portfolios, would benefit the country financially. This approach faces criticism for its impracticality, especially in scenarios where assets are illiquid and taxing unrealized gains could lead to forced asset liquidations.
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