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TLDR: No, of course not, that's stupid because taxes are already way too high on income and taxes on assets are extremely bad. We really should break up the mon
by snapplebobapple 2y ago
TLDR: No, of course not, that's stupid because taxes are already way too high on income and taxes on assets are extremely bad. We really should break up the monopolies/oligopolies feeding a significant portion of that wealth though.
These articles are always extremely obnoxious because they routinely mix up assets and income and have no idea how taxes actually work ignoring that dividends are already taxed once at the corporate level so it is extremely unfair to compare income tax paid on a dividend to income tax paid on income without looking at income tax paid by the corporation on those earnings and when you do that the total income tax is almost always higher than just earning the dollar as income.
Further, these initiatives distract from policy action that would actually improve the world, substituting policy action that will only grow government and make it even more wasteful without accomplishing much of anything beyond that. We need to stop talking about stealing more from the winners and instead look at how to ensure they are only winning up to the point where market power abuse becomes obvious and then are mitigated (likely through breaking up the company). We should be starting now with breaking up the myriad obvious oligopolies operating today (looking at you fang stocks, various agricultural conglomerates, various retail operations, etc. with large market shares)