Can we really tax our way to prosperity?

Politicians often claim that if the rich just “paid their fair share,” we could fund everything from free college to universal healthcare. But economics – and history – tell a different story. In this video, we break down why “taxing the rich” isn’t the silver bullet it sounds like.

From France’s failed millionaire tax to JFK and Reagan’s pro-growth reforms, we’ll explore how high tax rates often backfire by discouraging investment, driving people away, and shrinking the economy. You’ll also learn who actually pays the majority of U.S. taxes, why the math doesn’t add up for wealth taxes, and what real prosperity looks like when incentives are aligned.

Learn more by going to FEE.org or our Substack: https://thefreemanmag.substack.com/

Sources:
Taxes and Growth: A Cautionary Graph — Brookings Institution

Taxes and growth – a cautionary graph

History Shows Raising Top Tax Rates Doesn’t Lead to Revenue Windfalls — National Taxpayers Union Foundation
https://www.ntu.org/foundation/detail/history-shows-raising-top-tax-rates-doesnt-lead-to-revenue-windfalls
Taxes Have Consequences: An Income Tax History of the United States — EconLib
https://www.econlib.org/taxes-have-consequences/
The Reagan Tax Cuts: Lessons for Tax Reform — Joint Economic Committee (U.S. Congress)
https://www.jec.senate.gov/public/index.cfm/republicans/1996/6/the-reagan-tax-cuts-lessons-for-tax-reform
Revenue Effects of a 70 Percent Top Tax Rate — Penn Wharton Budget Model
https://budgetmodel.wharton.upenn.edu/issues/2019/1/9/revenue-effects-of-a-70-percent-top-tax-rate
Summary of the Latest Federal Income Tax Data, 2023 Update — Tax Foundation https://taxfoundation.org/publications/latest-federal-income-tax-data/
France Forced to Drop 75% Supertax After Meagre Returns — The Guardian
https://www.theguardian.com/world/2014/dec/31/france-drops-75percent-supertax
Don’t Forget About Migration’s Long-term Implications — Pacific Research Institute

Don’t Forget About Migration’s Long-term Implications

Why Europe Axed Its Wealth Taxes — Cato Institute
https://www.cato.org/commentary/why-europe-axed-its-wealth-taxes
The Law — Frédéric Bastiat (via FEE)

The Law — by Frédéric Bastiat