Freakonomics Radio
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Ten Myths About the U.S. Tax System (Update)
SummaryIn this episode of Freakonomics Radio, host Steven Dubner sits down with economist Jessica Riedel to dismantle the most pervasive myths surrounding the United States tax system. Drawing from her extensive experience as a policy expert at the Manhattan Institute and the Brookings Institution, Riedel argues that both political parties frequently rely on flawed economic narratives to appeal to their bases. She critiques the conservative fantasy that tax cuts always pay for themselves or force spending cuts, as well as the progressive narrative that taxing the wealthy and corporations could single-handedly solve the national debt crisis. Riedel systematically walks through ten common tax myths, clarifying, for instance, that the U.S. actually possesses one of the most progressive tax systems in the OECD. She explains that much of the public’s confusion stems from politicians using creative accounting and dishonest framing to promise voters a free lunch. The conversation also touches on Riedel’s transition from an influential budget advisor to a public voice for pragmatic, nonpartisan economic truth. Ultimately, the episode serves as a sober reality check on the scale of the federal deficit and the political challenges of meaningful fiscal reform.
Updated Apr 12, 2026
About This Episode
Nearly everything that politicians say about taxes is at least half a lie. They are also dishonest when it comes to the national debt. In this update of an episode from 2025, Stephen Dubner finds one of the few people in Washington who is willing to tell the truth — and it’s even worse than you think.
- SOURCES:
- Jessica Riedl, budget and tax fellow at the Brookings Institution.
- RESOURCES:
- "How Did DOGE Disrupt So Much While Saving So Little?" by Emily Badger, David Fahrenthold, Alicia Parlapiano, and Margot Sanger-Katz (New York Times, 2025).
- "Correcting the Top 10 Tax Myths," by Jessica Riedl (Manhattan Institute, 2024).
- "Spending, Taxes, and Deficits: A Book of Charts," by Jessica Riedl (Manhattan Institute, 2024).
- "Why Did Americans Stop Caring About the National Debt?" by Jessica Riedl (Reason, 2024).
- "A Comprehensive Federal Budget Plan to Avert a Debt Crisis," by Jessica Riedl (Manhattan Institute, 2024).
- "When Does Federal Debt Reach Unsustainable Levels?" by Jagadeesh Gokhale, Kent Smetters, and Mariko Paulson (The Wharton School of Business, 2023).
- "The Limits of Taxing the Rich," by Jessica Riedl (Manhattan Institute, 2023).
- EXTRAS:
- "Farewell to a Generational Talent," by Freakonomics Radio (2024).
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