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A pal on the left thinks that the liberal argument for low marginal tax charges is that Bill Gates values the subsequent greenback the identical means his secretary does. That’s not the argument. The argument is that undistorted earnings, which seem as income to innovators, information funding to the proper initiatives for the benefit of nationwide GDP per individual. Ocasio-Cortez would like instead that Washington be the guide. Which do you anticipate gives the best results for us all, a capitalist like Warren Buffett guiding investments or a socialist like Ocasio-Cortez writing tax law? Does it appear believable that she can outguess individuals who actually run companies? True, the core assumption of socialism is that yes, investment needs to be socialized and then put under the course of an arts graduate from a great college. But really? It has not worked out when it has been tried, as in 1917.
You’ll be able to reason the opposite method, too, asking what low fraction of government programs would constitute transfers to the poor underneath the (true) condition that the prevailing poor are nonetheless left in poverty. Even if poor folks earned nothing out there the implied fraction may be very low certainly—not 1 / 4 or an eighth but extra like one sixteenth of what authorities collects and disburses. One sixteenth. Is that the determine you take into consideration when on Tax Day you consolation your self that After all, my tax dollar is going to help the poor?” Fifteen sixteenth of the greenback just isn’t. One wonders where it is going. Consider the median-voter theorem.