alt Hacker NewsYou’re discussing raising corporate or individual income tax rates.
I’m discussing a proposed broad wealth tax on unrealized gains and assets.
The tax rates of the 50s were high, but were filled with loopholes and deductions in that the effective tax rate that was actually paid was much lower.
There are arguments to be made how much those policies contributed to the boom of that decade, but those are separate to arguments about the practical, legal, or efficiency concerns with just imposing a 5% levy across all assets and net worth
>but were filled with loopholes and deductions in that the effective tax rate that was actually paid was much lower.
Yes, thanks for reiterating my main point.
Now if we use that same mindset and apply it to a wealth tax...
Hence my main point. Taxes aren't all about extraction of money, they also help to nudge people to do things they normally wouldn't do. So nudging them to actually help the area they are in is really powerful.
Or they can leave. If so: good. Make room for those who do want to innovate and not extract money from the people (and more beach space).
Not all billionaires are "job creators", especially given the actions taken the last few years. That's why some of the legitimate "millionaire flights" that do happen don't necessarily impact the way that's predicted on paper.