A Big-Picture Look at Taxing the Wealthy

06/25/24 • 30 min

2 Listeners

Taxing wealth has become a hot-button issue in today’s political discourse, promising to reshape economic equality. But what are the real-world implications of such policies? In this episode, we dive into the contentious world of taxing wealth, examine how a progressive tax system aims to balance fairness and revenue generation, and explore the potential impacts and broader implications for economic policy and social equity.

Garrett Watson, Senior Policy Analyst and Modeling Manager at the Tax Foundation, joins Kyle Hulehan to dissect the fundamentals of taxing wealth. They discuss the challenges of implementation, potential long-term consequences for the broader economy, and alternative policy options that could achieve progressivity while maintaining economic growth.

Links:

https://taxfoundation.org/blog/taxing-consumption-progressively-tax-the-wealthy/

https://taxfoundation.org/blog/federal-tax-code-progressive-rich/

https://taxfoundation.org/blog/us-pandemic-response-inequality-progressivity/

https://taxfoundation.org/research/all/federal/tax-fairness-funding-government-investments/

Support the show

Follow us!
https://twitter.com/TaxFoundation
https://twitter.com/deductionpod
Support the show

Links:

https://taxfoundation.org/blog/taxing-consumption-progressively-tax-the-wealthy/

https://taxfoundation.org/blog/federal-tax-code-progressive-rich/

https://taxfoundation.org/blog/us-pandemic-response-inequality-progressivity/

https://taxfoundation.org/research/all/federal/tax-fairness-funding-government-investments/

Support the show

Follow us!
https://twitter.com/TaxFoundation
https://twitter.com/deductionpod
Support the show

Previous Episode

Trump and Biden’s Tariff Tango

Tariffs are a hot topic this election cycle for both President Biden and former President Trump. But why are tariffs so popular despite their economic downsides? In this episode, we unpack tariffs’ role in the political playbook, their impact on manufacturing jobs and consumers, and the Biden administration's review of Trump-era tariffs.
Erica York, Senior Economist and Research Director at the Tax Foundation, joins Kyle Hulehan to break down the basics of tariffs, explore historical tariff failures, and discuss the potential long-term effects of maintaining or increasing tariffs.
Links:

Support the show

Follow us!
https://twitter.com/TaxFoundation
https://twitter.com/deductionpod
Support the show

Next Episode

Tax Cuts vs. Tax Reform

Tax cuts vs. tax reform: what’s the real difference, and why does it matter? In this episode, we uncover why retroactive tax cuts and temporary tax breaks often miss the mark for long-term growth and how revenue-neutral tax reform can streamline the tax system without altering overall federal revenue.

Erica York, Senior Economist and Research Director at the Tax Foundation, joins host Kyle Hulehan to reveal the true impact of tax policies on households and businesses and discuss how changes in marginal tax rates drive economic decisions.

Links:

https://taxfoundation.org/blog/unified-theory-misconceptions-tax-reform-debate/

Support the show

Follow us!
https://twitter.com/TaxFoundation
https://twitter.com/deductionpod
Support the show

The Deduction - A Big-Picture Look at Taxing the Wealthy

Transcript

00:00:00.000

Taxing wealth has become a hot button issue in today's political discourse promising to reshape economic equality. But what are the real world implications of such policies? In this episode, we dive into the contentious world of taxing wealth and examine how a progressive tax system aims to balance fairness and revenue generation.

Kyle Hulehan00:00:20.225

Hello and welcome to the deduction, a tax foundation podcast. I'm your host, Kyle