Tax Historian on Biden's Proposed Wealth Tax

The video discusses the feasibility of President Biden's proposed tax hikes, highlighting political hurdles within the Democratic Party and the broader political landscape. It examines the role of IRS funding in tax enforcement and the potential revenue from closing tax loopholes. The historical impact of tax rates on economic growth is analyzed, with a focus on differing perspectives. Finally, the video explores trends in corporate taxation and the potential shift towards higher taxes globally.

What are some of the hurdles in implementing President Biden's proposed tax hikes?

• Insufficient economic data

• Opposition from international bodies

• Internal disagreements within the Democratic Party

• Lack of public support

What are the two main motivations behind the proposed tax changes?

• Enhancing technological innovation and reducing unemployment

• Reducing inflation and increasing exports

• Strengthening international relations and boosting tourism

• Social redistribution and fiscal responsibility

What is a significant challenge faced by the IRS in enforcing tax laws?

• Lack of public awareness

• Underfunding and resource constraints

• High employee turnover

• Complex international regulations

What is a common argument against raising taxes on the wealthy?

• It leads to increased government spending

• It discourages investment and economic activity

• It reduces the number of available jobs

• It causes inflation to rise

What is a potential benefit of increasing IRS funding?

• Reducing the need for international loans

• Increasing public trust in the government

• Improving tax law enforcement and closing loopholes

• Decreasing the national debt

How do tax rates historically impact economic growth according to the discussion?

• They have a minor impact compared to other factors

• They are the primary determinant of growth

• They consistently boost economic dynamism

• They always lead to economic decline

What is the current trend in corporate taxation according to the discussion?

• A shift towards international minimum tax rates

• Steady increase in corporate tax rates

• Abolishment of corporate taxes

• Complete deregulation of corporate taxes