This is what everyone forgets when they label anyone against a wealth tax as “temporarily embarrassed billionaires.” Even if the government could convert 100% of a billionaire’s wealth into cash (they can’t) and confiscated it all, great, what are you going to do for revenue next year?
Taxes always START by targeting the wealthy but have this funny habit of applying to more and more people as time goes on. The US income tax was a whopping 1% percent until you made the equivalent of $400K. How’d that work out?
Taxes always START by targeting the wealthy but have this funny habit of applying to more and more people as time goes on. The US income tax was a whopping 1% percent until you made the equivalent of $400K. How’d that work out?