Popular discussion of income and wealth distribution tend to focus on snapshots of distribution at a given moment in time, making it appear more unequal than it really is. This paper looks at mobility in and out of income and wealth distribution classes. It finds that all empirical measures of...

Argues that capital gains are not income because they simply represent the capitalized value of an income stream that is already taxed, whether it be interest, dividends, or rent. Therefore, the capital gains tax effectively represents a double tax on the same income. This argument is supported...

Argues that government efforts to prevent recessions through countercyclical fiscal policies never work because recessions are never perceived soon enough for action. And even if they were, it would take too long for Congress to act or for spending to flow into the economy to be effective. A...

A history of "supply-side economics" and the Laffer Curve published by Art Laffer's economic consulting firm in 2003. It was reviewed and edited by Laffer himself, who later reprinted it in a book published by the Laffer Center: "The Pillars of Reaganomics" (San Francisco, 2014). It is,...

One reason conservatives oppose a value-added tax so strenuously it that they believe it is virtually impossible to evade. In fact, there is a growing problem of and literature related to VAT evasion. If conservatives were more aware of this, it might lessen their opposition to a VAT in the U.S

Historically, corporations were expected to serve some public purpose as justification for the benefits and privileges they receive from the state. But since the 1970s, the view has become widespread that corporations exist solely to maximize profits and for no other purpose. While the...