12 ms·
> from a revenue perspective a wealth tax seems fantastic Amusingly, the current manifesto re wealth inequality, Capital in the Twenty-First Century, pointed o
by lnanek2 7y ago
> from a revenue perspective a wealth tax seems fantastic
Amusingly, the current manifesto re wealth inequality, Capital in the Twenty-First Century, pointed out that confiscatory taxes on the rich would be pointless re a revenue perspective. It turns out there are so few rich (e.g. the 1%) that even if you take all their money, it doesn't really dent our large government expenditures spent on the majority.
E.g. if the top tax rate went up to 70%, that would only be an extra 320 billion, which is only half medicare.
- makomk 7y agoWhich is of course exactly why politicians are pushing the idea of a wealth tax so hard. You can't get the kind of money required to fund their projects just by taxing the income of the rich. In order to come up with plausible-sounding figures and push their narrative that their proposals would totally be affordable if only we could make the evil wealthy pay up, they have to suggest converting a substantial proportion of the ultra-wealthy's total wealth into immediate, actual spending every year.