4 ms·
Yup. The income tax was fundamentally designed to prevent the accumulation of wealth.
by black6 4y ago
Yup. The income tax was fundamentally designed to prevent the accumulation of wealth.
- dragonwriter 4y ago> The income tax was fundamentally designed to prevent the accumulation of wealth. Progressive income tax in the abstract was conceptualized to prevent the concentration (persistent inequality of distribution) of wealth, not its accumulation. The actual US implementation has been tuned very carefully to avoid doing even that, via (among other mechanisms) the preferential treatment of capital gains.