95% income is wild. But capital gains increase might not be a bad idea. Higher top brackets also probably a good idea. Taxing debt that you borrow against assets might be difficult because of mortgages. Technically I think the state gets taxes on that but only when they die. If there is a good proposal that works, I’d have no problem with it.
Just Wealth tax is not a good idea. The problem in my opinion is not that people get too rich, it’s that companies get too big. We need to break those monopolies up.
Now I know I hear people in the back “but it was world war time!” True. True.
How long have we been at war? Since Vietnam? How many fucking desert storms have we had? Cold war?
And not one person that has complained about the percentile has asked about what the top bracket would be.
Are you really going to argue that a 95% tax rate on every $1 over $1,000,000 is excessive or “wild”? Or does it actually represent the marginal utility of income?
Because the first 80k someone makes is waayyyyyyyyyyy more impactful than the next 80k. One makes sure you don’t die of starvation and exposure. The other is all pleasure.
I like your counterpoint about the wealth tax being more about monopolistic power. Hadn’t considered that angle. I do believe that the government must be larger than the entities it governs. If we ever want a smaller, more agile government, we need to shrink what it’s supposed to govern.
Here is why I argue for a wealth tax:
Most things in life are not simply exponential. They’re logarithmic. At least for biology and natural systems. We need some corrective force that pushes back aggressively against wealth accumulation -regardless of source.
95% income is wild. But capital gains increase might not be a bad idea. Higher top brackets also probably a good idea. Taxing debt that you borrow against assets might be difficult because of mortgages. Technically I think the state gets taxes on that but only when they die. If there is a good proposal that works, I’d have no problem with it.
Just Wealth tax is not a good idea. The problem in my opinion is not that people get too rich, it’s that companies get too big. We need to break those monopolies up.
https://taxpolicycenter.org/statistics/historical-highest-marginal-income-tax-rates
95 is not that high For 20 years it was over 90
Now I know I hear people in the back “but it was world war time!” True. True.
How long have we been at war? Since Vietnam? How many fucking desert storms have we had? Cold war?
And not one person that has complained about the percentile has asked about what the top bracket would be.
Are you really going to argue that a 95% tax rate on every $1 over $1,000,000 is excessive or “wild”? Or does it actually represent the marginal utility of income?
Because the first 80k someone makes is waayyyyyyyyyyy more impactful than the next 80k. One makes sure you don’t die of starvation and exposure. The other is all pleasure.
I like your counterpoint about the wealth tax being more about monopolistic power. Hadn’t considered that angle. I do believe that the government must be larger than the entities it governs. If we ever want a smaller, more agile government, we need to shrink what it’s supposed to govern.
Here is why I argue for a wealth tax: Most things in life are not simply exponential. They’re logarithmic. At least for biology and natural systems. We need some corrective force that pushes back aggressively against wealth accumulation -regardless of source.
Well, we currently have death as a limiter. Proper inheritance taxes would cap everything to one lifetime.