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Thursday, July 13, 2006

 
Death And Taxes

Ken fisks a Center on Budget Policy and Analysis defense of the estate tax (language alert).

Some of the CBPA's arguments commit the fallacy which is the central thesis of Henry Hazlitt's Economics In One Lesson:

[T]he art of economics consists in looking not merely at the immediate but at the longer effects of any act or policy; it consists in tracing the consequences of that policy not merely for one group but for all groups.

In short, by focusing only on those revenues gained through the death tax, and those programs it funds, the think tank fails to account for the economic activity that would have occurred if the tax had stayed in private hands.




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