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I think you're misrepresenting the issue here. You're talking about taxing income but the wealth tax is not a tax on the income. Wealthy individuals pay MUCH l

I think you're misrepresenting the issue here. You're talking about taxing income but the wealth tax is not a tax on the income. Wealthy individuals pay MUCH lower taxes (in terms of the effective tax rate) than poor oflr middle-class people. A good example of that is the UK, where the income is taxed up to 65% (marginal tax rate between £125k and £150k) while at the same millionaire getting their money from capital gains is taxed between 24% and 32%. Of course unless the money if funneled through the shell companies (common) and the effective rate dips well under 10% As a person who pays their tax id like wealthy individuals to pay the same rate. Simple as that.

alex43578 1y ago
I think you're misrepresenting the issue. You're talking about rates as if they are fungible, conflating income taxes, capital gains taxes, and wealth taxes. These all have different implementations and ideally different purposes, so the rates should be different. Specifically, your UK example is just wrong. For 2022–23, the average rate of income tax paid was: Basic-rate taxpayers:10% of their income Higher-rate taxpayers:22% Additional-rate taxpayers (the very top):38% So on average, the rich pay a higher effective income-tax rate than middle earners, not “much lower”. In the UK, roughly 60% of all income tax is paid by the top 10% of earners, and about 30% by the top 1%. Because of the double taxation via a 25% corporation tax, for a typical UK investor, tax on capital income is often in the 40–50% range, depending on how the gain is classed.