by Richard A. Epstein
February 14, 2013
The latest fiscal cliff has led the President and Congress on a manic quest to find new sources of revenue for a federal government that is congenitally unable to live within its means. That extra revenue can come in only two ways. We can raise tax rates, clamp down on tax deductions, or do some combination of the two. Also, the president’s redistributive effort to limit charitable tax deductions will hurt the poor—and everyone else.