Wednesday, September 5, 2012

Murray Rothbard on Progressive Income Taxes and Financial Elites

This is an excerpt where Murray Rothbard discusses The Rich, Progressive Income Taxes and Financial Elites.  And why the rich are often in favor of the progressive income taxes. Here.

1 comment:

  1. From what I recall, Milton Friedman in "Capitalism And Freedom", published in the early 1960s, argued that progressive income taxes were not so much a tax on 'being rich' as a tax on 'becoming rich'.If there were no tax loopholes then there would be little prospect of 'new rich' breaking into the elite club. He used the then controversial example of "oil depletion allowances" (which he criticised elsewhere on other grounds) which he said were closely associated with many new fortunes at the time. Then, of course, there are the 'tax exempt foundations' of the super-rich. For some reason, the most egalitarian 'soak the rich' liberals seem to give the Foundations a wide berth.