Daniel Schaffa (Richmond) presents The Worldwide Fairness Case for a Wealth Tax at Florida State at the moment as a part of its Regulation and Enterprise Speaker Collection hosted by Jeffrey Kahn:
Intergenerational fairness is often put aside in favor of different coverage targets, maybe due to the intense challenges inherent in adopting and making use of an intergenerational fairness normative framework. Even when there’s a close to consensus that the alternatives of at the moment may have substantial prices sooner or later, these prices are sometimes downplayed or disregarded. This Article asks whether or not there are measures that may supply redress to a technology for the prices imposed on it by its predecessors and finds {that a} one-time wealth tax is a promising possibility. Though its evaluation applies extra typically, this Article focuses on the broadly understood intergenerational penalties of unsustainable deficits. Whereas there may be little proof to counsel that the U.S. authorities’s present debt is close to a disaster stage, there may be widespread concern concerning the tempo at which the debt is rising. Finally the speed at which the U.S. borrows should gradual. When this occurs, the federal government is prone to elevate taxes, and the taxpayers affected will bear the burden of their predecessors’ deficit spending.
If the tax enhance is substantial and sudden, the newly burdened taxpayers could also be worse off than their predecessors, and there can be a violation of intergenerational fairness. This Article reveals that the burden of a one-time wealth tax could be distributed roughly proportionally to the profit that taxpayers, through the period of unsustainable deficits, derived from these deficits. In doing so, this Article presents a novel justification for wealth taxes: to revive intergenerational fairness.
https://taxprof.typepad.com/taxprof_blog/2022/03/schaffa-presents-the-international-equity-case-for-a-wealth-tax-today-at-florida-state.html
