this post was submitted on 22 Aug 2024
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It's so past time for a wealth tax.
We did that already after the New Deal. It didn’t stick for some reason.
A dozen countries have tried this, it fails every time (either it gets repealed after it literally results in less tax revenue, or it gets changed into a tax that is no longer 'aimed' at the wealthy, making it now yet another tax that is primarily the burden of the middle and lower classes). Stop demanding we repeat others' mistakes, and learn some history.
A dozen other countries have tried it and it's worked great. Stop demanding we keep making the same mistakes.
Literally false. Several countries even literally ruled them unconstitutional, lol.
The only countries that still have a "wealth tax" do not have a tax that's aimed at the wealthiest individuals, which is what you guys want, and what you think it'll accomplish--instead, they're broadened so much that they're just 'ordinary' taxes that are no more 'focused' on the wealthiest than any other, making the whole thing redundant/pointless.
https://taxfoundation.org/research/all/eu/wealth-tax-impact/
"They are primarily funded by corporate interests such as the Koch Brothers and Exxon-Mobil...this is a right-leaning Libertarian think tank" mediabiasfactcheck.com
OK, I see the weird place you're coming from. Carry on, I guess. I'll just block and move on.
Ideologues and their fragile egos just can't handle being proven wrong.
Are you arguing that people in a higher tax bracket shouldn't pay a higher tax?
I'm not arguing anything. I'm pointing out the fact that wealth taxes demonstrably don't work--they cause an overall loss in tax revenue. That's why all those countries have either repealed their wealth taxes, or changed them so that they're no different than 'normal' taxes, and become primarily the burden of the middle class, not the wealthy.
https://taxfoundation.org/research/all/eu/wealth-tax-impact/