Academic

MEGAN MCARDLE: ?There?s a reason that most countries do not attempt to fund large welfare states wi?

By Glenn Reynolds

MEGAN MCARDLE: “There’s a reason that most countries do not attempt to fund large welfare states with a very progressive income tax, the way we do*. The income of the wealthy is fungible, mobile, and volatile. These are not strengths from the vantage of the tax system.”

Full post as published by Instapundit.com on July 11, 2009 (boomark / email).