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Tag Archives: capital gains

The $1 Trillion Platinum Coin

A non-economist friend emailed me yesterday and asked me to explain the proposal for a $1 trillion platinum coin. The proposal is that the Treasury mint a coin with a face value of $1 trillion and sell it to the Federal Reserve for $1 trillion. That way the Treasury gets an additional $1 trillion without the federal debt going up at all. It’s a way around the ceiling on the federal debt. According to Paul Krugman, who advocates such a coin, this provision of the...

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Breaking News: Unrealized Capital Gains are Not Taxed

University of Michigan economist Justin Wolfers tweets: Stunning new estimates suggest that the 400 wealthiest American families paid an average Federal tax rate of only 8.2%. Wow, I thought. That is stunning. It’s true that a large percent of Americans have a zero average federal tax rate. But many higher income people like Justin and me don’t. I think my wife’s and my average, not counting my hefty Social Security taxes, is between 15 and 18 percent. But then when...

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