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this post was submitted on 10 Oct 2023
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Futurology
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Rich people. Increase taxes a tiny bit on the 1% and this will be paid for, and then some.
Well not a tiny bit. Increase taxes in the 0.1% a whole fuckload. I’d increase taxes on billionaires to 90% and start freezing assets of anyone who tries to go overseas to avoid them. levy the world’s strongest ever economic and geopolitical sanctions against countries that harbor billionaire american tax evasion expats or something.
Let's see someone run on that platform and not get JFKed before election day first.
Ok what do you do when foreign investment dries up and no foreign entity wants their money in your bank since you have a habit of seizing it? How strong is the economy then?
I don't think you understand the consequences
Won't happen if they still want access to your markets.
Plenty
No one wants access to markets that seize money or companies. It is why Venezuela isn't seeing foreign investment.
If foreign money isn't coming in your economy us going to be very weak comparatively.
With natural resources and trillions in seized assets? I doubt it.
I suspect you do doubt it but I doubt that you have any education in macroeconomics given that your assertions make zero sense IRL.
You do realize that marginal tax rates were about 90% in America before, right? The single biggest reason they aren't anymore is much like how Walmart keeps their prices low - part of a race to the bottom. You're right, they will go elsewhere. They didn't before because there were no good or practical options. And as long as countries do what Ireland did not too long ago, it will continue to be a problem.
Yes I am aware that the top bracket was at one point 90%. Immalso aware that by changing that with the 1983 tax reforms we dropped tax rates while getting MORE tax revenue. That means that 90% is probably too high.
Regardless even with those brackets we don't have enough money to cover UBI in any meaningful way. We cannot tax the population enough to cone up with the trillions needed. Anyone suggesting we do have that money is likely uneducated in economics and has no idea how things work.
And I suspect you sniff farts.
How convenient "We caaaaaaan't take billionaire money or tehy wiww weave!" lines up with power structures set up by billionaires.
The rich have always funded parroting of taxes being impossible to implement and no one believes it