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The Illusory Tax Base: Why Taxes On Capital Are Counterproductive

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  • Barry Bracewell‐Milnes

Abstract

Taxes on capital are economically and socially counterproductive. The economy and society would benefit from their abolition. The obstacle to their abolition is not financial or economic but a failure of political will. This article looks at taxes on capital from an economic perspective: how do they differ from other taxes, what costs do they impose on the economy, and what are the consequences of their abolition? And, even if they are a failure economically, can they be justified socially or politically?

Suggested Citation

  • Barry Bracewell‐Milnes, 2003. "The Illusory Tax Base: Why Taxes On Capital Are Counterproductive," Economic Affairs, Wiley Blackwell, vol. 23(1), pages 17-22, March.
    • Handle: RePEc:bla:ecaffa:v:23:y:2003:i:1:p:17-22
    DOI: 10.1111/1468-0270.00395
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