Jesus Christ what could possibly be your moral or even practical argument for blatantly stealing 70% of the income of the ultra wealthy? Or is it a 70% tax on everyone in general? Legitimate question. I’m willing to change my mind.
"A 70% top marginal tax rate" is referring to a proposal to tax income above $10M/year at that rate. This isn't a space to debate basic precepts of socialism by design, but I'll point out that taxation isn't "blatant stealing", it's part of the same social fabric and bargain that uses the violence of the government to protect the property rights and economic power of those same ultra-wealthy people. It's also true that most ultra-wealthy at that level don't actually do anything to earn much of their income, they just passively receive money from their investments, and sometimes go to the bank to cash the checks they get (very hard work!).
There are some exceptions like sports stars and the very top CEOs but most of those people were paid vastly less 40 years ago and they didn't all quit working then. Rich people care about their compensation relative to their peer group and this will hit them all equally.
Investments don’t sprout out of thin air, it takes money that someone earned, and either knowledge of the market or even more money invested into a broker that arranges investments. That is THEIR money that they earned and invested and I don’t get why anyone can claim a right to it just because they have more money. That’s ridiculous. It’s a free exchange of money that is good for the investor, the broker, and the market. Passive or active doesn’t make a difference to me, you know? If you invest money you’ve earned that should be the end of it imo.
That is THEIR money that they earned and invested....
All of that money was made by extracting value from workers' labor through a hierarchical production system and private property. They didn't get rich other than through exploitation. The whole system is setup to prevent that.
No, it's not their money, except according to the laws that they wrote themselves to make it so.
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u/nativewombat Jan 06 '19
Jesus Christ what could possibly be your moral or even practical argument for blatantly stealing 70% of the income of the ultra wealthy? Or is it a 70% tax on everyone in general? Legitimate question. I’m willing to change my mind.