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There's loads of protectionism out there these days. Keep your eyes open. Stay safe everybody.
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Daniel Bunn
32.7K posts
Daniel Bunn
@danieldbunn
President and CEO @taxfoundation. Work hard. Work smart. Work together.
Baltimore, MD Katılım Mayıs 2008
1.2K Takip Edilen3.5K Takipçiler
Daniel Bunn retweetledi
Andrew Belnap and I recently did a survey of tax directors about the CAMT. It is really complicated and hard to comply with, yet few people actually pay anything. The worst of both worlds!
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Daniel Bunn retweetledi
Does only CAMT tax book income? Nope. Amazingly, the @davidsgamage, @BDGesq, et. al. wealth tax in California also has GAAP-based income and asset values in the tax base. Please just leave book income out of the tax base. We have been down this path before. Thoughts:
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Daniel Bunn retweetledi
It was such a privilege to hear from MEP Fernando Navarrete at @TFEuropeTax Conference in Brussels this morning!
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Daniel Bunn retweetledi
Many people continue to fall for this claim, but it’s wildly wrong.
The top 10%’s share is actually lower now than pre-pandemic!
Andrew Yang🧢⬆️🇺🇸@AndrewYang
The top 10% now account for almost half of all consumer spending. That’s not what you want to see.
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Daniel Bunn retweetledi
Ha I wrote about the irl steel tariff episode that happened when I was in elementary school.
Alan Cole@AlanMCole
But actually, just saying "you should have listened to Erica the last ten years" *undersells* how long this problem with tariffs has been known. This dialogue is from a television episode that aired when Erica was in elementary school:
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@davidsgamage @kpomerleau @joshrauh @JeffLHoopes To be fair, you don't present yours as best case scenario, either. There's a caveat about the stock market over the year and a short discussion on the avoidance rate, but that's about it.
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@danieldbunn @kpomerleau @joshrauh @JeffLHoopes defensible if presented as a worst case scenario or possible scenario, but that is not how they present it. 3/3
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Our response to the @joshrauh et al. revenues estimates of the California Billionaire Wealth Tax Act (CBTA) has now been posted: papers.ssrn.com/sol3/papers.cf… In short, their estimate relies on many false claims about CA law and the CBTA and is completely implausible and dishonest. 1/
Hoover Institution@HooverInst
If California’s problem is spending, not revenue, would the proposed “Billionaire Tax” solve anything? Hoover Senior Fellow @joshrauh breaks down the math around California’s $93 billion deficit. Read Hoover research on the impacts of the tax proposal: hoover.org/news/californi…
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@davidsgamage @kpomerleau @joshrauh @JeffLHoopes It seems you're treating interpretation issues as settled law. Rauh is treating it as settled law in a different direction. As you say, it could be a low end estimate. Low end estimates are useful when you have something so novel and not necessarily bad faith.
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If this (and the relevant section) is what you're referencing, there's a lot that is debatable inc. the voting shares issue.
"...any significant number of individuals on the Forbes billionaire list for California at the end of 2025 will avoid the CBTA under the legal standard that will actually apply."
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Daniel Bunn retweetledi
@davidsgamage @kpomerleau @joshrauh @JeffLHoopes They made your estimate look like a bad faith attempt and you're calling their estimate bad faith. I haven't seen you reflect on how the Rauh review of the tax base (before behavioral analysis and NPV comparisons) called into question the integrity of your estimate.
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@kpomerleau @joshrauh @JeffLHoopes ... and in good faith, that would be welcome. But i think it is important to call a spade (a bad faith implausible estimate) a spade, so to speak, and this is a spade. And I think responsible right of center tax commentators should say so. 3/
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Daniel Bunn retweetledi
Sen. Van Hollen said on @SquawkCNBC that his tax plan would grow the economy by putting more money in the pockets of middle-class workers who are more likely to spend it.
That reflects a common misunderstanding of how taxes affect long-run growth (see this 2017 TF explainer).
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Daniel Bunn retweetledi
Real household income, which is highly correlated with spending, is broadly up since 2022 across all income terciles, but most so at the bottom, though growth at the bottom did flatten out for a time in late 2024/early 2025.
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Daniel Bunn retweetledi
The Washington millionaire's tax is imposed on income above $1 million for both single and joint filers, yielding the largest marriage penalty by rate differential and the second largest by maximum possible penalty.
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Daniel Bunn retweetledi
Incredibly, Sweden passed a staffing law that went into effect--I'm not making this up--Oct 2022. It requires temp/staffing firms to offer permanent positions after 24 months, & there's legal speculation there it might apply to consulting firms too. 1/2 twobirds.com/en/insights/20…
B2H2@basilh_2
Patiently waiting for this Swedish paper on AI disemployment effects to hit the timeline cms.ratio.se/app/uploads/20…
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Daniel Bunn retweetledi
Another jersey in the rafters 🙌
@CalebWilson2025 has been named @AP Second Team All-American.
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@Ph_Aghion Stiglitz also says Europe should take the opportunity to benefit from US mistakes on competitiveness in higher ed & research institutions. Aghion agrees with the need for a stronger research and innovation agenda in Europe.
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@Ph_Aghion Stiglitz argues for EU-level taxation of companies and the wealthy unsurprisingly in line with Zucman's recommendations of the same. He is partially motivated by the concern over out-migration.
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Dr. Stiglitz just argued for the 0.5 percent wealth tax proposal in Denmark and made points about progressive taxation. Denmark's top combined personal income tax rate is practically 60 percent already. This latter point was not even mentioned in his remarks.
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@besttrousers @Ph_Aghion Exactly. However, the only mention of comparative advantage was a point from Stiglitz about multinationals having a comparative advantage in tax planning.
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