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Confiscatory taxes on the wealthiest would bring in hundreds of billions. That's not "very little impact", the money could be used to massively improve the live
by gizmo 9y ago
Confiscatory taxes on the wealthiest would bring in hundreds of billions. That's not "very little impact", the money could be used to massively improve the lives of millions.
Yes, there are few people, numerically, in the top 0.01%, but that doesn't mean their taxes are inconsequential. Otherwise you might as well argue that they should pay no taxes at all. Absurd.
- cperciva 9y agoConfiscatory taxes could bring in hundreds of billions of dollars... once. But you can only expropriate someone's property once.
- gizmo 9y agoEvery dollar in the economy is spent and taxed many times. Taxation doesn't make money disappear.
- harryh 9y agoSure, but if you confiscate the wealth of the 0.01% then it's not in their hands anymore and you can't take it from them again.
- gizmo 9y agoThe money would end up in the hands of somebody and subsequently it can get taxed again. You tax wherever the money is.
- harryh 9y agoBut then we're talking about raising taxes on people other than the 0.1% to fund whatever initiatives we're talking about which was cperciva's point. You can only get so far taxing the ultra rich.