Why Higher Taxes Are Bad for the Economy and Society

Those favoring the wealth tax, and those who want billionaires to disappear, appear to believe that what it means to be “wealthy” is to have lots of physical money and that rich people leave their money lying around idle for them to luxuriate in like so many Scrooge McDucks. That idle money, the story goes, could be put to much better use by taxing it and then spending it on whatever project politicians might favor. This whole set of beliefs is false… (From: The Social Harms of Taxing Private Wealth)

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