Source: Independent Institute
by Nikolai G Wenzel
“In these times of runaway public debt and perennial crisis in public finances, the wealth tax is a bad idea that just won’t go away. Just a year ago, the prudent Swiss rejected a steep inheritance tax. France—thanks to political machinations in a hung Parliament, rather than deep conviction or prudence—rejected the resuscitation of its failed wealth taxes (1982-1987 and 1989-2012). The UK floated a similar proposal, which went nowhere. Since 2022, Spain has had a ‘temporary solidarity tax on big fortunes’. Alas, this isn’t just a European game. … Perhaps the main problem is that bad policy proposals are being driven by bad economics, with the imprimatur of high-profile scholars.” (10/12/260