5 Mar 2023 11:07 am
nuckinfutz » 03 Mar 2023, 2:58 pm » wrote: ↑ Meaningless cliches are all you have! Get back on the **** Farm, ****!
There's a few problems with "taxing the rich". First of the problems is that the rich own capital. They don't earn taxable income in their business holdings, usually in the form of corporate shares. You can tax the dividends that corporations pay out and usually that is common practice. You can also tax something called "capital gains" which are the profit a wealthy individual or anyone sells shares for a gain. Nevertheless, the wealth of someone like Elon Musk is an estimate given how much he owns in Space X, Tesla, ect is commonly not easily able to tax.
The rich hold wealth, they don't earn a salary. I'll try to be brief with this but there is also a problem internationally with tax havens that play to the lowest bidder for corporations. Therefore, while you can't tax the rich individually, taxing the corporations is possible but corporations can choose where to base operations internationally.
Finally, I think that there is a common tendency among the left to try to tax as much as possible as if it will make a better society. Sometimes the funding of the government is adequate and therefore high taxes aren't need. Eisenhower had a massive war debt to consider when he massively raised taxes. Today the main issue is funding Social Security benefits but that can be adequate at some point IMHO.
Nothing is easier than defending the status quo.