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What happens if enough countries implement a progressive tax? Billionaires make money off control of land, labor, and money. If they don't pay enough taxes bac

• TomK32 2y ago
  Not sure if you confused progressive tax with something else: > Most systems around the world contain progressive aspects. When taxable income falls within a particular tax bracket, the individual pays the listed percentage of tax on each dollar that falls within that monetary range. https://en.wikipedia.org/wiki/Progressive_tax#Examples https://en.wikipedia.org/wiki/Progressive_tax#Examples The article though mentioned progressive tax: "In 1917, for instance, a bold group of American progressives proposed a tax rate of 100 percent on annual income over $100,000, the equivalent of nearly $2.5 million in today’s dollars. A generation later, in 1942, President Franklin Roosevelt asked Congress to place that same 100-percent tax rate on America’s most affluent." I don't think a progressive wealth tax (100% over 999 million leaves every billioniare with plenty of month) would stand the courts, but a high 90% for income over say a million would stand and not unreasonable in times of high state debt. The net hourly rate of someone with that income (and workload?) would still be an absurd multiple of the minimum wage per hour.