I went to a brown bag discuss on the Naval Postgraduate Faculty yesterday and the subject was ChatGPT. The speaker, Rodrigo Nieto, gave an excellent energetic discuss and it was enjoyable to look at the interplay between him and one of many members of the viewers who had used ChatGPT so much.
I had signed up with ChatGPT final month however hadn’t done much with it. So I spent an enormous a part of the afternoon taking part in with it. For instance, I gave it prompts to elucidate the hurt attributable to excessive marginal taxes, within the type of Ogden Nash, Edgar Allan Poe, and the King James Bible.
Right here’s the King James Bible model:
And it got here to move that the individuals did cry out in opposition to the excessive marginal tax charges, which did burden them enormously. For the tax charges have been so excessive that the individuals did lose their incentive to work and to create wealth. And the financial system did endure enormously, for the individuals had not the means to take a position and to develop.
And the federal government did take an excellent portion of the individuals’s earnings, leaving them with little to maintain themselves and their households. And the wealthy did discover methods to evade the tax, leaving the burden on the shoulders of the poor and the center class.
And the Lord did communicate, saying: “Thou shalt not burden thy individuals with excessive taxes, for they shall lose their incentive to work and to create wealth. And the financial system shall endure enormously, for there shall be no means to take a position and to develop.
“And thou shalt not take an excellent portion of the individuals’s earnings, for they shall have little to maintain themselves and their households. And thou shalt not let the wealthy evade the tax, however shall make sure that all do bear their justifiable share.
“And thou shalt decrease the tax charges, that the individuals could have the means to work and to create wealth. And the financial system shall flourish, and the individuals shall prosper.”
And the individuals did take heed to the Lord, they usually did decrease the tax charges. And the financial system did flourish, and the individuals did prosper. And there was pleasure and peace within the land.
The one half that was off was this:
And the wealthy did discover methods to evade the tax, leaving the burden on the shoulders of the poor and the center class.
If you realize something concerning the progressive tax system, you realize that “the wealthy,” which just about everybody understands to imply “high-income individuals,” bear an enormous burden from excessive marginal tax rates. The burden is within the type of each taxes paid and deadweight loss.
Apparently and disappointingly, however understandably, each the Ogden Nash and the Edgar Allan Poe poems had an identical thought: the concept that wealthy individuals efficiently keep away from taxes is widespread.