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> that problem could be solved by redistributing these returns, TBF, we already have redistribution via progressive taxation which funds "social safety nets to
by RestlessMind 4y ago
> that problem could be solved by redistributing these returns,
TBF, we already have redistribution via progressive taxation which funds "social safety nets to ensure the poor are at least housed, clothed, and fed." (to use GP's words). Trick is to ensure that we do not do too much of it, else people will not have any incentives to work harder.
- taylodl 4y agoWe have progressive taxation in theory, however the reality is we have a virtual aristocracy able to pay to have tax law written in their favor, to the point where as a percentage of income the extremely wealthy aren't paying nearly as much of a portion of their income in taxes as the middle class who are only a couple of missed paychecks away from life-altering changes in lifestyle. Also, the Laffer Curve has been thoroughly debunked time and time again. You may want to pay attention to what happened to wealth distribution since the start of the Reagan Administration and its adherence to "voodoo economics" - the very same economic theory plaguing us to this day.