Tax policy is a balancing act between two titans of economics: efficiency and equity. In 2011, Howard Marks wrote an even-handed memo outlining the implicit considerations in our tax laws and just how loaded the question of “fair share” is. Neither liberals nor conservatives will find the porridge just right, so it has become my reference paper for how to think about taxes. My notes on it here.
Speaking of Howard Marks, his memos are iconic in the investment world and I’d make his book The Most Important Thing required reading for any inspiring investor. Blas Moros recently published his lessons from over 10 years of memos for your free enjoyment.
And speaking of taxes, economist Greg Mankiw discusses the “trophy wife tax credit”.
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