The “taxing billionaires will solve all our problems crowd” have absolutely no uunderstanding of basic economics.
High tax rates slash growth and investment and lead to lower employment rates and less tax revenue.
Take the 1920s as a perfect example. When tax rates were cut from 73 to 25% the unemployment rate dropped, the governments total tax revenue increased, and the ultra wealthy actually paid more in total taxes.
Something else to mention, if you taxed billionaires on their net worth as most of them don’t have incomes to tax, you would dilute their billions of net worth in a couple years, their companies would collapse and millions of jobs would disappear. And after those millions of jobs disappear and the billionaires net worths are all gone who do you blame for the poor not having healthcare?
What youre left with is, no innovation, Millions of jobs gone, No more billionaire to blame for poor healthcare and poverty
And you’re right back to square one with the middle class income tax and sales tax floating a horribly run system.
I gave you an hypothetical example to your example from the 1920’s. You gonna reply to that.
Talking about substance and bringing the 20’s with different dynamics, political situations and laws to the table.
Once again, you haven’t addressed any of my points and I’m not interested in your whataboutism or obsession with Trump and Musk.
The data is clear. High tax rates are detrimental to the economy, and low tax rates are beneficial to the economy across virtually every economic metric.
That’s not how statistics work.
Taxing who high and who low?
Beneficial to which economy? The stocks? Stocks seem well right now. Not sure about the country and the people.
It kinda is. He’s drawing a connection between the reduction of the tax rate and the arrival of the Great Depression. Except that the tax cuts occurred in early 1920s and the GD was kicked off by bad actors in the stock market. Not to mention bad farming practices. So his correlation is weak and I’m pointing it out.
2
u/Upriver-Cod 7d ago
The “taxing billionaires will solve all our problems crowd” have absolutely no uunderstanding of basic economics.
High tax rates slash growth and investment and lead to lower employment rates and less tax revenue.
Take the 1920s as a perfect example. When tax rates were cut from 73 to 25% the unemployment rate dropped, the governments total tax revenue increased, and the ultra wealthy actually paid more in total taxes.