I recognize that billionaire talking point. It's the argument behind the Laffer curve.
https://bipartisanpolicy.org/issue-brief/what-a-new-laffer-c...
FTA: For years, policymakers and economists have debated the shape and peak of the Laffer curve, a theoretical model suggesting that if top tax rates increase beyond a certain point—called the revenue-maximizing rate—they will yield negative marginal revenue.
A new paper from economists at the Joint Committee on Taxation finds that the Laffer curve is flatter than previous theories have suggested, meaning the revenue-maximizing “rate” might be a broad range rather than a single point.
Lawmakers looking to raise taxes might find it difficult to raise substantial revenue from top rate increases; however, broadening the base, examining untaxed sectors, and reducing the tax gap represent promising pathways to closing the gap between revenue and spending.
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I'm glad they highlighted that instead of increasing the tax rate, broaden the tax base. For example, if they treated borrow-spend-die as income. We could keep a lower tax rate. The same argument could be made for eliminating the estate tax. Treat inheritances as income for tax purposes.
https://bipartisanpolicy.org/issue-brief/what-a-new-laffer-c...
FTA: For years, policymakers and economists have debated the shape and peak of the Laffer curve, a theoretical model suggesting that if top tax rates increase beyond a certain point—called the revenue-maximizing rate—they will yield negative marginal revenue.
A new paper from economists at the Joint Committee on Taxation finds that the Laffer curve is flatter than previous theories have suggested, meaning the revenue-maximizing “rate” might be a broad range rather than a single point.
Lawmakers looking to raise taxes might find it difficult to raise substantial revenue from top rate increases; however, broadening the base, examining untaxed sectors, and reducing the tax gap represent promising pathways to closing the gap between revenue and spending.
---
I'm glad they highlighted that instead of increasing the tax rate, broaden the tax base. For example, if they treated borrow-spend-die as income. We could keep a lower tax rate. The same argument could be made for eliminating the estate tax. Treat inheritances as income for tax purposes.