Monday , May 17 2021
Home / Pierre Lemieux /A Better Solution: Tax Rocks or Churches

A Better Solution: Tax Rocks or Churches

Summary:
The Biden administration may be realizing that a corporate minimum tax is inconsistent with the multitudinous tax preferences that Leviathan himself gives corporations in order that they do what he wants them to do. Here is another idea to finance the .3 billion of proposed “infrastructure” or whatever pleases Leviathan: tax rocks instead. The proposal is succinctly explained in my article “Joe Biden’s Economic Agenda: An Early Appraisal,” in the Spring issue of Regulation: However, corporations don’t pay taxes any more than, say, rocks do: if the government were to tax rocks, the actual incidence of the tax would fall on some flesh‐and‐blood individuals. In the case of corporations, those individuals are some combination of shareholders, employees, and

Topics:
Pierre Lemieux considers the following as important: , , , , ,

This could be interesting, too:

David Henderson writes Jason Furman on High UI

David Henderson writes California State Government Will Lose Big from Capital Gains Tax Increase

David Henderson writes Despite or Because of?

Scott Sumner writes Fiscal policy and interest rates

The Biden administration may be realizing that a corporate minimum tax is inconsistent with the multitudinous tax preferences that Leviathan himself gives corporations in order that they do what he wants them to do. Here is another idea to finance the $2.3 billion of proposed “infrastructure” or whatever pleases Leviathan: tax rocks instead.

The proposal is succinctly explained in my article “Joe Biden’s Economic Agenda: An Early Appraisal,” in the Spring issue of Regulation:

However, corporations don’t pay taxes any more than, say, rocks do: if the government were to tax rocks, the actual incidence of the tax would fall on some flesh‐and‐blood individuals. In the case of corporations, those individuals are some combination of shareholders, employees, and consumers.

If it is feared that people would just get rid of all the rocks they possess, there is a large number of other, more sticky, candidates for a tax that would not officially target individuals. The government could tax pets, cars, bees, marriage contracts, or churches. In the latter case, perhaps God will pay? Another idea: tax pension funds and 401k’s that hold corporate stocks. (An estimate puts at 30% the proportion of American corporations’ stocks that are owned by American households’ retirement accounts.)

Leave a Reply

Your email address will not be published. Required fields are marked *