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Phil Magness: Who Really Pays the Most Taxes?

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Manage episode 418574883 series 3535713
Reason द्वारा प्रदान की गई सामग्री. एपिसोड, ग्राफिक्स और पॉडकास्ट विवरण सहित सभी पॉडकास्ट सामग्री Reason या उनके पॉडकास्ट प्लेटफ़ॉर्म पार्टनर द्वारा सीधे अपलोड और प्रदान की जाती है। यदि आपको लगता है कि कोई आपकी अनुमति के बिना आपके कॉपीराइट किए गए कार्य का उपयोग कर रहा है, तो आप यहां बताई गई प्रक्रिया का पालन कर सकते हैं https://hi.player.fm/legal
Magness Thumbnail_JAQ 16×9 draft 8c | Musk Photo: Haddad Media/Flickr/Creative Commons; Illustration by John Osterhoudt

How much do billionaires really pay in taxes?

"Today, the superrich control a greater share of America's wealth than during the Gilded Age of Carnegies and Rockefellers," said Gabriel Zucman in a recent New York Times opinion piece entitled, "It's Time to Tax the Billionaires."

Zucman is an economist at the Paris School of Economics and the University of California, Berkeley, and a frequent collaborator with superstar economist Thomas Piketty, author of the extremely influential book on wealth inequality, Capital in the Twenty-First Century.

But today's guest, Phil Magness—an economic historian, author, and the David J. Theroux Chair in Political Economy at the Independent Institute—says the work of Piketty and his circle of inequality-obsessed colleagues is deeply flawed and sometimes outright deceptive. He points out that billionaires do pay taxes…a lot of taxes. And the inequality literature is riddled with errors and bad statistics.

Watch the full conversation on Reason's YouTube channel or the Just Asking Questions podcast feed on Apple, Spotify, or your preferred podcatcher.

Sources referenced in this conversation:

  1. Magness' viral post debunking Zucman
  2. Zucman's article discussed in the introduction
  3. CBO: Tax credits awarded by quintile
  4. Zucman's explanation for excluding the Earned Income Tax Credit (p. 19)
  5. Tax Foundation: Summary of the Latest Federal Income Tax Data, 2024 Update
  6. Piketty's inequality U-graph
  7. Auten-Splinter adjustment, after-tax income for top 1 percent
  8. Piketty: "r > g"
  9. Piketty: Capital income has increased as labor income has fallen

Timestamps:

  • 00:00 Introduction to Just Asking Questions: Billionaires and Taxes
  • 01:38 Unpacking the Misleading Tax Rate Graphs
  • 06:38 The Political Motivations Behind Misleading Tax Narratives
  • 15:39 Analyzing the Impact of Tax Credits on Lower-Income Earners
  • 22:32 The Real Tax Burden: A Closer Look at Wealthy Americans' Contributions
  • 27:05 Countering Piketty's Inequality Data With Accurate Accounting
  • 34:58 The Practical Problems With a Wealth Tax
  • 40:04 Piketty's Inequality Narrative and Its Flaws
  • 48:50 Global Financial Transparency and Taxation Proposals
  • 54:40 The Moral and Economic Case Against High Taxation
  • 57:48 Listener Q&A: Defending the Show's Title

The post Phil Magness: Who Really Pays the Most Taxes? appeared first on Reason.com.

  continue reading

33 एपिसोडस

Artwork
iconसाझा करें
 
Manage episode 418574883 series 3535713
Reason द्वारा प्रदान की गई सामग्री. एपिसोड, ग्राफिक्स और पॉडकास्ट विवरण सहित सभी पॉडकास्ट सामग्री Reason या उनके पॉडकास्ट प्लेटफ़ॉर्म पार्टनर द्वारा सीधे अपलोड और प्रदान की जाती है। यदि आपको लगता है कि कोई आपकी अनुमति के बिना आपके कॉपीराइट किए गए कार्य का उपयोग कर रहा है, तो आप यहां बताई गई प्रक्रिया का पालन कर सकते हैं https://hi.player.fm/legal
Magness Thumbnail_JAQ 16×9 draft 8c | Musk Photo: Haddad Media/Flickr/Creative Commons; Illustration by John Osterhoudt

How much do billionaires really pay in taxes?

"Today, the superrich control a greater share of America's wealth than during the Gilded Age of Carnegies and Rockefellers," said Gabriel Zucman in a recent New York Times opinion piece entitled, "It's Time to Tax the Billionaires."

Zucman is an economist at the Paris School of Economics and the University of California, Berkeley, and a frequent collaborator with superstar economist Thomas Piketty, author of the extremely influential book on wealth inequality, Capital in the Twenty-First Century.

But today's guest, Phil Magness—an economic historian, author, and the David J. Theroux Chair in Political Economy at the Independent Institute—says the work of Piketty and his circle of inequality-obsessed colleagues is deeply flawed and sometimes outright deceptive. He points out that billionaires do pay taxes…a lot of taxes. And the inequality literature is riddled with errors and bad statistics.

Watch the full conversation on Reason's YouTube channel or the Just Asking Questions podcast feed on Apple, Spotify, or your preferred podcatcher.

Sources referenced in this conversation:

  1. Magness' viral post debunking Zucman
  2. Zucman's article discussed in the introduction
  3. CBO: Tax credits awarded by quintile
  4. Zucman's explanation for excluding the Earned Income Tax Credit (p. 19)
  5. Tax Foundation: Summary of the Latest Federal Income Tax Data, 2024 Update
  6. Piketty's inequality U-graph
  7. Auten-Splinter adjustment, after-tax income for top 1 percent
  8. Piketty: "r > g"
  9. Piketty: Capital income has increased as labor income has fallen

Timestamps:

  • 00:00 Introduction to Just Asking Questions: Billionaires and Taxes
  • 01:38 Unpacking the Misleading Tax Rate Graphs
  • 06:38 The Political Motivations Behind Misleading Tax Narratives
  • 15:39 Analyzing the Impact of Tax Credits on Lower-Income Earners
  • 22:32 The Real Tax Burden: A Closer Look at Wealthy Americans' Contributions
  • 27:05 Countering Piketty's Inequality Data With Accurate Accounting
  • 34:58 The Practical Problems With a Wealth Tax
  • 40:04 Piketty's Inequality Narrative and Its Flaws
  • 48:50 Global Financial Transparency and Taxation Proposals
  • 54:40 The Moral and Economic Case Against High Taxation
  • 57:48 Listener Q&A: Defending the Show's Title

The post Phil Magness: Who Really Pays the Most Taxes? appeared first on Reason.com.

  continue reading

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