Re:Billionaires should face a minimum tax rate, report says
by jmull on Monday October 23, 2023 @10:52AM
(#37986478)
The entire point of the article is about taxing the wealth of extremely rich people rather than income because the wealth is structured to not generate taxable income.
I think there are two considerations here: (1) fairness, (2) good economic policy.
It's certainly not fair to have such a large proportion of power concentrated in such a minuscule number of people.
It's hard to see how it's a good economic policy either. We want there to be capital available to be invested in further economic activities (I think we do, anyway; there are people who would debate that). But we don't want -- and certainly don't need -- so much of it in so few hands. A wealth tax is a way to drain some of that away.
I think there are two considerations here: (1) fairness, (2) good economic policy.
It's certainly not fair to have such a large proportion of power concentrated in such a minuscule number of people.
It's hard to see how it's a good economic policy either. We want there to be capital available to be invested in further economic activities (I think we do, anyway; there are people who would debate that). But we don't want -- and certainly don't need -- so much of it in so few hands. A wealth tax is a way to drain some of that away.