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Noah Smith
@Noahpinion
, 3 tweets, 1 min read Read on Twitter
TBH I was not super-impressed with this op-ed.

Revenue-gathering and redistribution is more important than these guys make it out to be.

And I'm not sure politics is less corrupt in, say, Japan, where there aren't many super-wealthy people.

nytimes.com/2019/01/22/opi…
Also, how does a headline writer get away with "not about soaking the rich", when the entire op-ed is about how reducing rich people's wealth is good even if you don't raise much revenue?

Is there some other definition of "soaking the rich" I'm not aware of??
But I do support raising taxes on the rich, so I guess I shouldn't complain if people support it for some reason other than my own reason.
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Noah Smith
@Noahpinion
Howdy, folks! Today's @bopinion post is about the question of whether high income taxes on very high incomes would hurt entrepreneurship, innovation, and startups.

bloomberg.com/opinion/articl…
Evidence suggests that higher taxes won't do much to discourage rich people from working, or to reduce investment.
But what about innovation?

Basic research could be funded by higher taxes (assuming they're sufficiently broad-based).
Read 11 tweets
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Noah Smith
@Noahpinion
I want to get rich people's money and use it to help the poor and build public goods, not make rich people's money vanish.
The answer to the question of "Should billionaires exist?" is "Yes, IF they provide a steady stream of money for our nation to build schools and houses and trains and treat people's diabetes and fix roads and do research."
This notion that making rich people's wealth vanish into thin air would be good for society? That's goofy. That's not social democracy, that's left-populism. Not interested.

Get the money, spend it on stuff that makes poor and middle-class people's lives better.

(end)
Read 3 tweets
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Noah Smith
@Noahpinion
This is incorrect. CBO calculations do assume this (or at least used to?), but economic theory does not assume this. The WaPo is in error here.
Here's the WaPo paragraph in question. I could point to any number of studies showing that employers bear some nonzero amount of the incidence of income taxes. I'm sure @KClausing could pick out the best ones.
I just realized that this is the "fact checker" column.

Remember that fact checking is about defense-in-depth.

I'm just Layer 2.
Read 3 tweets

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