Against capital gains taxes: Sumner edition - The Dismal Science
Eric Crampton • Mar 12, 2015 •
Capital gains taxes still do not make economic sense.Here's Scott Sumner explaining that while wage and consumption taxes can be equivalent, capital gains taxes are effectively a distortionary tax on future consumption relative to present consumption.The biggest confusion is that people don’t understand why capital income should not be taxed, and why a wage tax is equivalent to a consumption … Read More