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Wednesday, November 22, 2017

The Super-Rich Don’t Understand Taxation

Or maybe they do and are playing us all for suckers.

It never seems to fail that whenever any kind of change to the tax code is proposed in Washington, billionaires and millionaires come clambering out of the woodwork to tell Congress not to cut their taxes. This current round of tax reform is no exception. Recently, more than 400 of the super-rich signed a letter asking exactly that, claiming that both the national debt and wealth inequality are at all-time highs. But are these claims true? Is taxation the only way to financially support the government? Even if the government raised taxes on the rich instead of cutting them, would it make one whit of difference to the national debt? James Harrigan and Antony Davies discuss this and more on this week’s episode of Words and Numbers.

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  • James R. Harrigan is a Senior Editor at the American Institute for Economic Research. He is also co-host of the Words & Numbers podcast.

  • Dr. Antony Davies is an Associate professor of Economics at Duquesne University, and co-host of the podcast, Words & Numbers.