The true measure of taxation is the amount one pays over and above the cost of the government services they consume—the dollars redistributed from one person’s pocket to another’s. We don’t consider it taxation when we buy food. We should think about taxation for government services in the same way. Taxes are what we pay over and above the cost of the government services we receive. Interestingly, the Congressional Budget Office (CBO) has conducted the complex ... Read More
Even Liberal Economists Agree Investors Must Create $5 for Others to Put a $1 in Their Pocket
In truth, investors profit relatively little from their creations. A study by the Yale economist William Nordhaus concludes, “Only a miniscule fraction of the social returns from technological advances over the 1948–2001 period was captured by producers indicating that most of the benefits of technological change are passed on to consumers rather than captured by producers.” Nordhaus estimates that innovative producers capture less than 5 percent of the value their ... Read More
