Why Is Taxing the Rich So Difficult? In Part Because People Who Should Know Better Are Being Foolish
by Neil H. Buchanan The Biden White House recently proposed what it calls a "Billionaire Minimum Income Tax." On his show last night, Seth Meyers quipped that the proposal was "part of [Biden's] 2023 budget, specifically the part they'll have to cut out before it'll pass." He is right, which is a shame, because this is another instance in which completely sensible tax policy is going to give way to ignorance and bad faith. It is no surprise that Republicans oppose this idea. Not only do they oppose anything that Democrats favor, but their very reason for being is to reduce taxes on the rich. What is annoying, however, is that people who truly should know better are saying completely fatuous things about the proposal -- statements that are so misguided that it makes me think that there is simply no way that our political culture could ever move forward with even the most promising improvements to tax policy. The Biden proposal is based on plain-van...