Don’t Tax the Rich. Cut Them Off.

Billionaires are easy to hate. And there are several efforts underway to get them to pay their “fair share.” In this episode, Max argues that focusing on taxing billionaires is the wrong discussion and distracts from attaining the tax policy we truly need. Instead of focusing on the individual billionaires, focus on preventing individuals from becoming billionaires. The real story is corporate taxes.

Resources

Legal Information Institute: Tax Cuts and Jobs Act of 2017 (TCJA)

Center on Budget and Policy Priorities: The 2017 Trump Tax Law Was Skewed to the Rich, Expensive, and Failed to Deliver on Its Promises

Tax Policy Center: What is the TCJA repatriation tax and how does it work?

Board of Governors of the Federal Reserve System: U.S. Corporations’ Repatriation of Offshore Profits: Evidence from 2018

The White House: White House Office of Management and Budget’s Office of Information and Regulatory Affairs Releases End of Year Deregulatory Stats: Showing the Trump Administration Has Best Deregulation Year in History

The Washington Times: Impact of Trump’s 646 deregulatory actions diluted by tariffs, executive orders

Federal Reserve Bank of New York: Who Is Paying for the 2025 U.S. Tariffs?

Elizabeth Warren: Warren Pushes Giant Corporations to Give Billions in Tariff Refunds Back to Consumers

npr: Companies are getting tariff refunds of up to $2 billion from the Trump administration

CNN: Corporate America got billions of dollars in tariff refunds. Where’s your cut?