"True liberty, by protecting the exertions of talents and industry, and securing to them their justly acquired fruits tends more powerfully than any other cause to augment the mass of national wealth." --Alexander Hamilton
Tuesday, April 27, 2010
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This would be a Hamiltonian argument in support of a proportional rate tax system, especially on the movement of money.
Thus, every time there would be a transaction, a proportional rate would be assessed.
Had a proportional rate tax been in place when Goldman Sachs was overstating the value of subprime mortgage derivatives, it's likely they wouldn't've overstated the value of those derivatives.
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