At what point do the wealthy start heading for the exit doors and expand their legal tax avoidance strategies? It is when government creates a tipping point of taxing them too much. This week, President Biden has proposed to double… Read More ›
The Center for Freedom & Prosperity (CF&P) Foundation has published a new paper titled, “The Economic Effects of Wealth Taxes.” Authored by John Diamond and George Zodrow of Rice University, the paper considers the significant economic damage that would occur if lawmakers adopted a wealth tax of between 2 percent-6 percent. Such a plan, modelled after the proposal from Senator Elizabeth Warren, is likely to be part of next year’s post-election tax agenda.