The Economics Show
How to tax the top 1% with Natasha Sarin
Nov 4, 2024
Natasha Sarin, a Yale professor and former counselor to Treasury Secretary Janet Yellen, dives into the urgent need for tax reform aimed at the ultra-wealthy. She discusses the potential of a wealth tax and the complexities of taxing unrealized capital gains, spotlighting current disparities in the tax system. The conversation also touches on the impact of tax reforms on charitable giving and the staggering $600 billion revenue loss from uncollected taxes. Sarin offers a hopeful perspective on future policies that can enhance transparency and fairness in taxation.
29:16
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Quick takeaways
- The urgent need for increased tax revenue in the U.S. is underscored by the expiration of the Tax Cuts and Jobs Act and rising government spending.
- Proposed wealth taxes face legal and practical challenges, highlighting the complexities of accurately taxing the ultra-wealthy without compromising compliance or investment behavior.
Deep dives
The Need for Increased Tax Revenue
The United States faces a significant need for increased tax revenue as existing tax provisions from the Tax Cuts and Jobs Act are set to expire and government borrowing continues to rise. Without intervention, debt-to-GDP ratios are projected to climb considerably, leading to potential funding shortages for essential programs like Social Security and Medicare. Currently, the U.S. collects less tax revenue than many other developed nations, ranking poorly within the OECD. This situation necessitates discussions about equitable methods of raising the required revenue, particularly by focusing on the wealthiest segments of society.
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