Jan 14, 2019
In the real world, it turns out that increasing tax rates is not the same as increasing tax revenue.
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In the real world, it turns out that increasing tax rates is not the same as increasing tax revenue.
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Jeff Sessions is a supporter of āasset forfeiture,ā which occurs when governments steal money and property from citizens without convicting them of any crime. Sometimes without even charging them with a crime. We're not joking. This happens with distressing regularity.
The poverty rate was consistently declining for twenty yearsāuntil 1966, when President Johnson decided to intervene.
Folks on the left think the solution to high implicit tax rates (i.e., the dependency trap) is to make benefits more widely available. In other words, donāt reduce handouts as income increases.
The other alternative is to make benefits less generous, which will simultaneously reduce implicit tax rates and encourage more work.
Iām sympathetic to the latter approach, but my view is that welfare programs should be designed and financed by state and local governments. Weāre far more likely to see innovation as policymakers in different areas experiment with the best ways of preventing serious deprivation while also encouraging self-sufficiency.
I think weāll find out that benefits should be lower, but maybe weāll learn in certain cases that benefits should be expanded. But we wonāt learn anything so long as there is a one-size-fits-all approach from Washington.
The bottom line is that poverty in the western world fell during the period of small government. Yet some people want to put the cart before the horse. Theyāre making the absurd argument that post-1950s welfare spending somehow reduced poverty before the 1930s.
Simply stated, the welfare state is becoming an ever-larger burden in large part because the elderly population is expanding in developed nations compared to the number of potential taxpayers. The good news is that some folks in the United Kingdom realize this is bad news for young people. The bad news is that these folks apparently think you solve the problem of young-to-old redistribution by adding a layer of old-to-young redistribution.
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I like people to be suspicious of the federal government. But Iād much prefer them to be concerned because theyāre reading my daily columns, not because they think thereās a sinister plot.
Ivory Coast (now usually known as CĆ“te dāIvoire) is a very poor country, with living standards akin to those of the United States in 1860. Yet rather than recommend the policies that allowed the United States and other western nations to become rich, such as no income tax and very small government, the IMF wants to fatten the coffers of a corrupt and ineffective public sector.
Hereās something else that is sad. This seems to be the advice the IMF gives to all nations in sub-Saharan Africa.
Consider this story from Kenya.
Kenyans should brace themselves for higher taxes after the Government caved in to the International Monetary Fundās (IMF) demands. ā¦It made the commitment to the IMF in a letter of intent that spells out a raft of measures that are likely to eat into consumersā pockets. ā¦The sectors to be hit include agriculture, manufacturing, education, health, tourism, finance, social work, and energy. ā¦The Government hopes to squeeze an extra Sh40 billion in taxes from these sectors. This is likely to have a ripple effect by pushing up the cost of goods and servicesā¦ The Government intends to increase income tax by over Sh100 billion in the financial year 2018/19."
We also have the IMFās perverse approach to ātax reformā in Nigeria.
The International Monetary Fund (IMF) has advised Nigeria to embark on a full Value Added Tax (VAT) reform. ā¦The lenderās Mission Chief for Nigeria, African Department, Mr Amine Mati, ā¦said government must raise taxesā¦ In addition, government should also increase taxes on alcohol and tobacco and broaden VAT."
The bureaucrats also want more tax revenue in Tanzania.
The International Monetary Fund (IMF) Deputy Managing Director, Tao Zhang has hailed Tanzania for managing to boost tax collectionā¦ The visiting IMF leader said it was vital to mobilise moreā¦public resources by strengthening tax collectionā¦ āit is crucial to mobilise moreā¦public resources within Tanzania, especially by strengthening tax collectionā¦ā he said at a public lecture he gave in Dar es Salaam yesterday."
The IMF is even using a $190 million bribe to advocate higher taxes in Ghana.
Ghana needs to improve revenue collectionā¦to achieve its fiscal targets, the International Monetary Fund said. ā¦āFiscal consolidation has to be revenue-based,ā Koliadina told reporters in the capital, Accra. ā¦A positive outcome of the fifth and sixth reviews of the program will lead to the IMF disbursing $190 million to Ghana, Koliadina said."
Last but not least, letās look at the IMFās misguided advice for Botswana.
The Government of Botswana should seek to strengthen its revenue baseā¦, the International Monetary Fund has said. ā¦āThe authorities agreed that there is a significant potential to boost domestic revenues through tax administration and tax policy reforms that couldā¦provide additional funding for future fiscal expenditures,ā the report stated."
Higher taxes to finance bigger government? Wow, talk about economic malpractice.
Since Botswana has been one of the few bright spots in Africa, I hope lawmakers tell the IMF to get lost. But I worry that politicians will be happy to take the IMFās bad advice.
People fear that decriminalization will lead to more drug use, more addiction, and more suffering families. Unfortunately, we donāt have a lot of real-world examples to put their minds at ease. However, recent reports from Portugal may convince doubters that we can end the War on Drugs without societal chaos and decay.