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Joe Biden’s Folly: Taxing The Rich Doesn’t Pay
We are used to thinking that governments raise taxes or issue bonds in order to spend. Not so, writes Paul Sheard.
05 May 2021, 06:03 PM IST
The Biden Administration aims to pay for its ambitious array of new spending by ‘taxing the rich’. It doesn’t work that way. Society pays for new government programmes via the opportunity cost of not being able to use the resources for other purposes.
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