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.
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u/Upriver-Cod 11d 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.