The American Enterprise magazine is one of our favorites; under Karl Zinsmeister, it has become a premier public policy publication. So we were happy when Karl asked us to contribute an article to the magazine’s current issue, which focuses on the Ownership Society. The March issue is now available, and our contribution, “Broad Ownership Needs Broad Taxpaying,” is here.
The thesis of the article is that, while giving Americans ownership over their retirement and medical savings accounts is in most respects a great thing, there is one possible undesirable consequence: most taxpayers are tethered to financial responsibility for federal expenditures only through payroll taxes. If payroll taxes take the form of personal accounts, and the remainder of federal services are funded overwhelmingly through the personal income tax, a large majority of citizens will have little financial incentive to restrain the growth of government. Check it out.
The Power Line Picks
Most Read on Power Line
- Thoughts on the Ritual Now Taking Place in Ferguson, Missouri
- This Is Who Texas Democrats Are Defending
- Report: More than a dozen witnesses say Brown attacked officer [UPDATED]
- Was David Gregory fired for being "pro-Israel"?
- Breaking: Nuclear Sabotage in Europe?
- A window opens onto the left-wing mind
Subscribe to Power Line by Email
Find us on Facebook
“Arise and take our stand for freedom as in the olden time.” Winston Churchill
“Proclaim Liberty throughout All the land unto All the Inhabitants Thereof.” Inscription on the Liberty Bell