3 ms·
Federal taxes aren't about funding spending, no matter how much politicians and pundits say otherwise. State and local budgets are different, but since the fede
by stvltvs 2y ago
Federal taxes aren't about funding spending, no matter how much politicians and pundits say otherwise. State and local budgets are different, but since the federal government literally prints its own money, its budget isn't limited by how much they take in from taxes. Inflation is the real limit.
Taxing the ultra rich makes sense to me with the aim of preventing concentration of wealth though.
- chucksta 2y agoThe US Federal government at best technically, not literally, prints its own money. The Fed is an independent organization with US Federal oversight. It is responsible for the call to issue more money but a government body prints it. https://www.investopedia.com/articles/investing/041515/why-federal-reserve-independent.asp https://www.investopedia.com/articles/investing/041515/why-f...
- snapplebobapple 2y agoTaxing doesnt stop concentration of wealth the way you think it does. It pushes money offshore and kills creation of new wealthy, calcifying the current spread amd making the country poorer. Breaking up oligopolies, on the other hand, accomplishes exactly what you want and makes ot easier for aspiring wealthy to compete, cauding higher turnover in wealth, which is exactly what we want.