THE ILLUSORY TAX BASE: WHY TAXES ON CAPITAL ARE COUNTERPRODUCTIVE | Zendy

BracewellMilnes Barry | Zendy

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THE ILLUSORY TAX BASE: WHY TAXES ON CAPITAL ARE COUNTERPRODUCTIVE

Author(s) -

BracewellMilnes Barry

Publication year - 2003

Publication title -

economic affairs

Language(s) - English

Resource type - Journals

SCImago Journal Rank - 0.24

H-Index - 18

eISSN - 1468-0270

pISSN - 0265-0665

DOI - 10.1111/1468-0270.00395

Subject(s) - economics , capital (architecture) , obstacle , tax deferral , perspective (graphical) , politics , market economy , tax reform , labour economics , economic policy , state income tax , political science , law , archaeology , artificial intelligence , computer science , gross income , history

Taxes on capital are economically and socially counterproductive. The economy and society would benefit from their abolition. The obstacle to their abolition is not financial or economic but a failure of political will. This article looks at taxes on capital from an economic perspective: how do they differ from other taxes, what costs do they impose on the economy, and what are the consequences of their abolition? And, even if they are a failure economically, can they be justified socially or politically?

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