Making Money Why wealth taxes fail - and what we should do instead
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Jun 16, 2025 Dan Neidle, a tax expert and former lawyer who leads Tax Policy Associates, argues against wealth taxes as a solution to tax fairness. He highlights the inefficiencies of current tax systems and suggests that a land tax could be a more equitable option. The conversation includes critiques of common tax narratives, the challenges of political reform, and misconceptions about taxing the wealthy. Neidle's insights draw from his extensive experience to advocate for simpler, evidence-based tax policies that foster productivity and address systemic inequalities.
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Wealth Taxes Often Fail
- Wealth taxes historically fail to deliver the promised revenue and fairness.
- Dan Neidle calls wealth tax proposals irresponsible because they lack evidence and are politically unviable.
Tax Complexity Harms Economy
- Most advanced countries have complex and inefficient tax systems due to accumulated political compromises.
- Taxes like stamp duty discourage mobility and economic growth but reform faces political resistance.
Use Life Insurance for Inheritance Tax
- Young and healthy individuals worried about inheritance tax should buy life insurance.
- Such insurance pays the tax bill upon death, ensuring heirs receive assets intact.