Every citizen should bear the same burden of paying for the cost of running a modern society. The taxes Musk pays should cause him to experience the same impact to his financial life as experienced when a worker earning $75,000 a year pays his taxes.
It's a fairness and moral issue. If we changed from income taxes to wealth taxes, everyone will have the same issue. The billionaire will experience paying taxes on money that was previously taxed as income; as will the $75,000 worker who saved every dime he could spare to create life savings.
What isn't ethical or moral is for the wealthy to create the rules of who bears the burden of paying for the cost of running society; only to later complain when those who got the short end of that stick want to create a fair system.
Moreover, the vast majority of wealth held by billionaires has never been taxed.
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Every citizen should bear the same burden of paying for the cost of running a modern society. The taxes Musk pays should cause him to experience the same impact to his financial life as experienced when a worker earning $75,000 a year pays his taxes.
It's a fairness and moral issue. If we changed from income taxes to wealth taxes, everyone will have the same issue. The billionaire will experience paying taxes on money that was previously taxed as income; as will the $75,000 worker who saved every dime he could spare to create life savings.
What isn't ethical or moral is for the wealthy to create the rules of who bears the burden of paying for the cost of running society; only to later complain when those who got the short end of that stick want to create a fair system.
Moreover, the vast majority of wealth held by billionaires has never been taxed.