Wednesday, December 15, 2010

Should companies be taxes on accumulated cash so they will spend on employing people?

Well, the Left is indignant against inherited wealth, but also against risk-free hoarding under the mattress (really not so safe). Mihir A. Desai had an op-ed on p A25, the “Washington Forum”, in the Washington Post on December 10, “Tax U.S. companies into spending”, link here.

Imagine a tax on accumulated liquid wealth, and then shenanigans it would inspire. Imagine that being done at an individual level to redistribute wealth. But that is what far left wing groups like Dr. Spock’s People’s Party wanted back in the early 1970s. The “most effective tax”, a “single tax”, was an obsession with them.

Picture: from an Amtrak train, near Philadephia: through a narrow window, darkly.

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