A Short & Happy Guide to Tax Policy: What Is Taxed

Taxing income, spending, wealth, luxury, and sin is a complex issue that this Short and Happy Guide explores. It suggests that taxing all of these things may be better than taxing income or wealth, and considers each of these ways of funding government, including borrowing money, printing money, building toll bridges, and selling lottery tickets.

Format: Paperback / softback
Length: 152 pages
Publication date: 30 October 2022
Publisher: West Academic Publishing

Taxation is a significant aspect of law school discussions, often focusing on income taxation. However, there are other areas that warrant attention, such as taxing spending, wealth, luxury, and sin. Additionally, alternative methods of funding government, such as borrowing money, printing money, building toll bridges, and selling lottery tickets, are explored. This Short and Happy Guide delves into these diverse topics, examining the potential benefits and drawbacks of each funding approach.

One crucial question that arises is whether taxing spending, such as sales taxes, value-added taxes, or annual consumption taxes, would be more effective than taxing income or wealth. Some argue that it is more equitable to tax consumption rather than income, as it affects everyone's spending habits. On the other hand, others contend that income taxation is necessary to ensure a fair distribution of resources and reduce income inequality.

Another aspect to consider is the extent to which we should tax various aspects of our lives. Some proponents of a "flat tax" system argue that all forms of income and spending should be taxed at the same rate, regardless of income level. Others suggest that certain items, such as luxury goods or sin taxes, should be taxed at a higher rate to discourage their consumption.

The book also examines the practical implications of different funding methods. Borrowing money can lead to debt and financial instability, while printing money can devalue the currency and cause inflation. Building toll bridges and selling lottery tickets can generate revenue but may also have environmental and social consequences.

In conclusion, this Short and Happy Guide provides a comprehensive exploration of the taxation of income, spending, wealth, luxury, and sin. It considers the potential benefits and drawbacks of each funding approach and examines the practical implications of different methods. By examining these topics, readers can gain a deeper understanding of the complex issues surrounding government funding and develop informed opinions on the best ways to support public services.

Weight: 129g
Dimension: 229 x 152 (mm)
ISBN-13: 9781685612085