Economist Challenges Assumptions Of Wealth Tax Advocates
What is disturbing is the notion that all the work would go into establishing and collecting the wealth tax only to have to refund it all, with interest. This is a real threat. Dollars to donuts most wealth tax returns with multi-million dollar checks will be followed as night follows day with protective refund claims. The tax will be contested in multiple circuits and the Supreme, little as they like tax cases, will have to deal with it.
Bipartisan Framework Could Mean Two More Stimulus Checks
Reviewing the bidding of major Covid-19 relief bills, there was the CARES Act passed at the end of March which, inter alia, gave us the Paycheck Protection Program, enhanced unemployment benefits, and stimulus checks.
The Democratic House then passed the HEROES Act in May, which died in the Senate. HEROES included another round of stimulus checks.
The Senate was able to muster a majority for the Delivering Immediate Relief to America’s Families, Schools and Small Businesses Act but not the sixty votes required. “Delivering” delivered on Republican priorities like tort reform and aid to private schools, but had nothing on stimulus checks.
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Over and over again courts have said that there is nothing sinister in so arranging one’s affairs as to keep taxes as low as possible. Everybody does so, rich or poor; and all do right, for nobody owes any public duty to pay more than the law demands: taxes are enforced exactions, not voluntary contributions. To demand more in the name of morals is mere cant.