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"nets you millions" probably not if "tax the hell out of wealth" ... right?
by heynonynony 9y ago
"nets you millions"
probably not if
"tax the hell out of wealth"
... right?
- themacguffinman 9y agoIf you earn $10MM and you get taxed 80%, you've still netted millions.
- nightski 9y agoRight but your costs are not reduced by a similar amount. When I purchase things or take out a loan for a personal expense I have to pay that off with post-tax dollars. So I have to earn more money to buy the same things. In this regard a large tax greatly reduces purchasing power and makes it less worth the trouble.
- themacguffinman 9y agoThat's why taxes are typically progressive instead of flat. Progressive taxes only significantly impact your purchasing power for luxuries while minimally curtailing your budget for essentials and regular goods.
- sjg007 9y agoNo. What we fail to understand is that taxes are fair when they are proportional.
- heynonynony 9y agotaxes are fair when everyone gets taxed the same rate. that is logically fair, not emotionally fair. I prefer the former so do most people with half a brain.