Capital gains tax and inheritance tax economics essay

At the time, there was some evidence behind that claim. In industrialised countries in the s and s every group was advancing, and those with lower incomes were rising most rapidly. Today the trend to greater equality of incomes which characterised the postwar period has been reversed.

Capital gains tax and inheritance tax economics essay

Capital gains tax and inheritance tax economics essay

Posted on November 30, by Scott Alexander I. If the world was created by the Invisible Hand, who is good, how did it come to contain so much that is evil?

Can he expect to get rich?

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No — if Google stock was underpriced ie you could easily get rich by buying Google stockthen everyone smart enough to notice would buy it. As everyone tried to buy it, the price would go up until it was no longer underpriced.

Big Wall Street banks have people who are at least as smart as your uncle, and who will notice before he does whether stocks are underpriced. The city has lots of skilled Thai chefs and good access to low-priced Thai ingredients. With the certainty of physical law, we can know that city will have a Thai restaurant.

Maybe the city government banned Thai restaurants for some reason? We can take this beyond money-making into any competitive or potentially-competitive field.

There are thousands of research biologists who would like a Nobel Prize. But go too far with this kind of logic, and you start accidentally proving that nothing can be bad anywhere. Suppose you thought that modern science was brokenwith scientists and grantmakers doing a bad job of focusing their discoveries on truly interesting and important things.

But if this were true, then you or anyone else with a little money could set up a non-broken science, make many more discoveries than everyone else, get more Nobel Prizes, earn more money from all your patents and inventions, and eventually become so prestigious and rich that everyone else admits you were right and switches to doing science your way.

There are dozens of government bodies, private institutions, and universities that could do this kind of thing if they wanted. But none of them have. All the sick people would go to them, they would make lots of money, investors would trip over each other to fund their expansion into new markets, and eventually they would take over health care and be super rich.

But if lots of people want better mass transit and are willing to pay for it, this is a great money-making opportunity. Entrepreneurs are pretty smart, so they would notice this money-making opportunity, raise some funds from equally-observant venture capitalists, make a better mass transit system, and get really rich off of all the tickets.

But nobody has done this.

Capital gains tax and inheritance tax economics essay

No doctor had any good ideas about what to do at this point. Eliezer did some digging, found that existing light boxes were still way less bright than the sun, and jury-rigged a much brighter version. A friend told Eliezer that the professionals at the Bank surely knew more than he did.

But after a few years, the Bank of Japan switched policies, the Japanese economy instantly improved, and now the consensus position is that the original policies were deeply flawed in exactly the way Eliezer and others thought they were.

You would expect it to just not work at all. In previous years, I would use the case of central-line infections as my go-to example of medical inadequacy. Some babies have malformed digestive systems and need to have nutrient fluid pumped directly into their veins.

The nutrient fluid formula used in the US has the wrong kinds of lipids in it, and about a third of babies who get it die of brain or liver damage. But the only FDA-approved nutrient fluid formula is the one with the wrong lipids, so we just keep giving it to babies, and they just keep dying.

Eliezer draws on the economics literature to propose three main categories of solution: I shall, somewhat arbitrarily, sort these concepts into three larger categories: Cases where the decision lies in the hands of people who would gain little personally, or lose out personally, if they did what was necessary to help someone else; 2.

Systems that are broken in multiple places so that no one actor can make them better, even though, in principle, some magically coordinated action could move to a new stable state.

The first way evil enters the world is when there is no way for people who notice a mistake to benefit from correcting it.A wealth tax (also called a capital tax or equity tax) is a levy on the total value of personal assets, including: bank deposits, real estate, assets in insurance and pension plans, ownership of unincorporated businesses, financial securities, and personal trusts.

Typically liabilities (primarily mortgages and other loans) are deducted, hence it is sometimes called a net wealth tax. Every individual has an annual Capital Gains Tax (CGT) allowance for tax year /11 this is 10, Gains with this allowance will be taxed at 0% gains in excess of the allowance are taxed at 18%.

As a follow-up to Tuesday’s post about the majority-minority public schools in Oslo, the following brief account reports the latest statistics on the cultural enrichment of schools in Austria.

Vienna is the most fully enriched location, and seems to be in roughly the same situation as Oslo. Many thanks to Hermes for the translation from benjaminpohle.com The economic, political, and social frameworks that each society has—its laws, institutions, policies, etc.—result in different distributions of benefits and burdens across members of the society.

The conceptual difference between income tax and capital gains tax is that income tax is the tax paid on income earned from interest, wages and rent, while capital gains tax is the tax paid on the. JSTOR is a digital library of academic journals, books, and primary sources.

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