When tax hikes go wrong

High tax rates for the rich are populist policy, but they come with hidden side effects disproportionately borne by the poor and the young.

Oliver Wendell Holmes Jr famously said that he liked paying income tax: it was the price of civilisation. Sure, he bought his civilisation at about seven cents in the dollar, but the general point remains true today. Absent anarchy, there will always be government and always taxation.

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