The Market Ticker - Young Socialists Should Consider A 'Phase-in'
Public opinion polls suggest that socialism, and similar ideas like imposing near confiscatory income or wealth taxes on high achievers, are more popular among the young than the old. As it has been said, “If you are not a socialist at 20 you have no heart.” The second half of that quote, of course, is that if you are still a socialist at 40 you have no head. Thereby we often find ourselves at a political impasse in trying to resolve the very passionate feelings of the young and the old about economic and social policy.
Anyone experienced in tax legislation, however, knows how to easily resolve such an impasse — generous transition rules. When Congress changes the depreciation rules, for example, making it more expensive to build buildings or invest in businesses, it generally “grandfathers” existing investments. When it eliminates special deductions viewed as loopholes, it often…….
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Source: https://www.market-ticker.org/akcs-www?post=235247
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