You presuppose that the IRS will distribute that $800 Million better than the billionaire.
John Drago
1

I don’t, because — and here I do actually pretty explicitly disagree with Graham — I’m not sure it actually matters what that money is spent on once the tax is collected. I’m pretty sure you could just bury it and we’d be better off — I’ve read a lot of economic analysis suggesting as much: though not in near as inflamatory words. Uually they say something along the lines of “the richer the rich get, the easier it is for them to get even richer, thus exacerbating things even more.” So stymying that progress, regardless of what you spend the money on, would have some positive impact.

Now, of course, it’d be better to more efficiently spend that money on good, productive things. Devil’s in the details.

And if I had a billion dollars, and the tax rate was low, you can bet I’d have plenty to spend it on too. But if the tax rate were higher, I’d pay my taxes and still be rich.

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