Part 5/8:
The populist call to "tax the rich" may resonate but lacks practicality. Needle asserts that wealth taxes—even if they poll well—are often ineffective and fail to bring in the anticipated revenue. Historically, many countries have enacted wealth taxes only to eliminate them later due to lower-than-expected returns.
The Complexity and Waste of the Current Tax System
One of Needle's key arguments is that the complexity of the tax system inadvertently leads to waste. For instance, many individuals and businesses may hire tax lawyers or accountants to navigate this intricate maze of rules, inadvertently driving up costs across the board.