Taxing Wealth: A Big-Picture Look
Taxing wealth has become a hot-button issue in today’s political discourse, promising to reshape economic equality. But what are the real-world implications of such policies? In this episode, we dive into the contentious world of taxing wealth, examine how a progressive taxA progressive tax is one where the average tax burden increases with income. High-income families pay a disproportionate share of the tax burden, while low- and middle-income taxpayers shoulder a relatively small tax burden.
system aims to balance fairness and revenue generation, and explore the potential impacts and broader implications for economic policy and social equity.
Garrett Watson, Senior Policy Analyst and Modeling Manager at the TaxA tax is a mandatory payment or charge collected by local, state, and national governments from individuals or businesses to cover the costs of general government services, goods, and activities.
Foundation, joins Kyle Hulehan to dissect the fundamentals of taxing wealth. They discuss the challenges of implementation, potential long-term consequences for the broader economy, and alternative policy options that could achieve progressivity while maintaining economic growth.
Links
- Taxing Consumption Progressively Is a Better Way to Tax the Wealthy See more
- Does the Federal Tax Code Privilege the Rich? See more
- New CBO Report Shows Pandemic Response Sharply Reduced Inequality, Increased Progressivity in 2020 See more
- Testimony: Tax Fairness, Economic Growth, and Funding Government Investments See more
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