Taxes, Spending, and Innovation

Part I: Billionaire Taxes, https://ssrn.com/abstract=3326615. Part III: After Paying Ultra-High Net Worth Wealth Taxes, How Much Would Billionaires Have Left to Live on?, https://ssrn.com/abstract=3340925. Key Takeaways: - Innovation is the product of teamwork. - Engineers and scientists play a critical role. - Scientific research is insufficiently rewarded financially. - Taxes can boost innovation by funding human capital investment and basic research. - The amount of investment is important – who owns financial assets is not. In formulating taxation and public investment policies, we should carefully consider data and the peer reviewed literature. Claims that we can drive more innovation and growth through a higher concentration of resources in the hands of a small number of billionaires — while providing fewer resources to middle and upper middle-class knowledge workers — are not empirically supported.