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Typically it's because taxing the super rich wouldn't be enough, so you tax a broad swath of the population. Billionaires (put together) in the US hold somethi
by maxerickson 6y ago
Typically it's because taxing the super rich wouldn't be enough, so you tax a broad swath of the population.
Billionaires (put together) in the US hold something similar to 1 year of federal tax receipts, for example. Tax them into the ground and you get 1 year of revenue.
- mazteraz9 6y agoThis is one of the more interesting points that gets lost in the "tax the rich" talk. I believe this is because people's general political point of reference is their individual situation and not the overall system - but from the system point of view it truly is just a drop in the bucket.
- Closi 6y agoEh, the top 1% of earners are responsible for c15% of income. Bear in mind that these will be on a higher tax band too, so a figure of c25% of income tax revenue is pretty likely - hardly a drop in a budget.
- ErikVandeWater 6y agoFor the US it doesn't so much matter who is taxed or how much. We cannot break even if you take into account unfunded liabilities.