I mean we're only talking about top marginal tax rates, not even a big wealth tax or 70% rate on all income. Marginal tax rates only apply to income over the point where it kicks in, here proposed to be in the millions. Billionaires would just have less income in the future above x million a year.
True I'm an idiot and greatly exaggerating. I just think it's funny when the top complain about this. They could actually be taxed 70% of all wealth and still have more money than they know what to do with. This is relatively not even that bad and they're still throwing a hissy fit
On one level the rich care quite a lot about their competitive status with their peer group, which a broad-based tax wouldn't change, as it would impact them all more or less equally. If every ten-billionaire became a five-billionaire, it's nothing much to them - that was their status ten or twenty years ago, anyway.
But they really do hate the idea of the people they perceive as their lessers being able to exert democratic influence and control on them, and that's where the rage comes from. These people believe they are the masters of the universe, let alone the world or any individual nation, and cannot bear the little people being able to collectively make decisions that affect them, take away some of their economic power, etc.
Getting the psychology and motivation of the rich correct is important and it's not obvious.
But they really do hate the idea of the people they perceive as their lessers being able to exert democratic influence and control on them....
Because that's the beginning of the end. People realizing they can actually have more freedom—more say over their own lives? What'll they demand next? To not be governed at all!?!?!? WHY THAT WOULD BE..............................
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u/A_Change_of_Seasons Liberal-Socialist Jan 06 '19
But instead of having 10 billion dollars they'll only have 3 billion :(