this post was submitted on 30 Sep 2023
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Remember how good the economy was in the 50’s and 60’s? Wanna guess what the tax rate on the wealthy was? It was 91%. This was the “golden age of American capitalism”, and that tax revenue kicked off a slew of public works projects that boosted the economy.
I asked fir a source that demonstrates that wealth taxes work not that higher tiers of income tax work which is what you are talking about.
Considering that you do not know the difference between these things you should be less certain as to how any of this works.
What semantics game? I asked for a source supporting the claim regarding wealth taxes. You have not provided one and a different account, not you, demonstrated they don't know the difference between wealth and income taxes. They were confused whereas you haven't backed your claim.
So do you have a source?
Wikipedia is not a great source for things like this. In fact it does not support the notion that there is no capital flight.
Given your comments here Im not sure you are in a position to determine how educated people are on taxation.
Your first source states that it does not impact entrepreneurship which is not a point I addressed but does not support or refute your claim.
Your second source are non-experts as lawyers are not economists and this is a question of economics not law.
So again what is going on is that you do not have the level of understanding you think you do. Rather than recognizing that lack of understanding and taking a chance to learn you have decided to double down on the idea that you are correct when you have made it abundantly clear that you have no education in macroeconomics.
My solution is higher marginal tax rates and estate taxes because those do work.
Your confidence is misplaced because you clearly demonstrate that you have no idea what you are talking about. You can change that if you want to appear like you have a valid opinion.
Those are income taxes not wealth taxes. Income is the money you are making in x amount if time. Wealth is the total summation of everything you have.
If you don't know the difference between them you shouldn't be talking about economics at all. It would be like not knowing what a baseball is versus a baseball bat and then maintaining your take on the infield fly rule is correct.
That is not a stupid distinction. It is vastly easier to assess income than wealth.
If you have enough wealth to be covered by a wealth tax you have an income. Wealth at high levels generates a passive income so anyone covered by a wealth tax would be covered by income taxes.
I don't mean to be harsh but you honestly don't know enough to be part of an informed conversation on any economic or financial topic if you cannot understand the differences between wealth and income.
Are you old enough to work?
Ok so if you are old enough to hold a job then you should address the colossal gap in knowledge about finances unless you are immanently terminal.
Im not being snarky if you don't know the difference between wealth and income you likely need to learn a bunch about finance so that retirement isn't just a mythical dream for you.
No, you do not know the difference. If you did you would not make the comments you did.
We literally have a progressive tax system right now. Again you really don't have the level of understanding you think you do regarding this subject. It is really obvious to those that do know the basics.
Im not making a semantic argument. It only seems that way because you have no idea what is being discussed here. Wealth taxes have never been proven to be effective.