Around the world, governments in recent decades have sought to lighten the burden on capital by reducing taxes on dividends, capital gains, corporate profits and wealth. The motivation is straightforward: more capital means more investment, higher productivity and faster growing wages. Capital is also highly mobile: Tax it too...
Tax
Why Service Is Lousy in High-Tax States
Shortly after New Jersey Gov. Phil Murphy proposed steep tax increases last year, his Texas counterpart, Greg Abbott, wrote an op-ed in New Jersey’s biggest newspaper inviting residents to consider moving to the low-tax Lone Star State. Mr. Murphy countered with a piece in the Dallas Morning News touting...
The Next Tax Revolution?
New Democratic proposals aim to overhaul the tax system in the name of fighting inequality, but history suggests that big hikes win support only in times of national crisis. By Richard Rubin Emboldened Democrats are pressing for a top rate of 77% on estates and 70% on income over...