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Billionaires aren't the unlimited money piñata that you might hope; their total assets are less than federal yearly tax revenues, and good luck getting even a t

Billionaires aren't the unlimited money piñata that you might hope; their total assets are less than federal yearly tax revenues, and good luck getting even a tiny fraction of that per year. As for corporations, I assume you're proposing raising the corporate tax rate -- but we're already near the revenue-maximizing peak of the Laffer curve on that particular tax, and there's just not much room to get more money that way. (Also, only about a third of the incidence of corporate taxes falls on shareholders, with the rest being split about equally between lower wages for workers and higher prices for customers. It can be surprisingly regressive!)

cwkoss 3y ago
The Laffer curve is a laughably poor model to inform tax policy: - There are many taxes, not a single tax rate - It completely ignores the idea of progressive taxation: rich individuals and giant megacorps can afford to pay higher tax rates without the same issues that would occur by applying those tax rates on lower and middle classes and small business. - It cannot be empirically validated without cherry picking data because it ignores many crucial factors. It's basically just propaganda paid for and promoted by the rich to convince the proles to let them keep more money.