Not sure I agree. This assumes the group of rich people is static. If it’s dynamic (akin to companies coming into/falling out of S&P 500), it shouldn’t be an issue. As long as wealth grows, it’s solved for.
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Do you think this issue hasn’t been repeatedly analyzed using actual California state tax returns in aggregate multiple times over the last, I dunno, 15 years? https://lao.ca.gov/publications/report/3703 … https://lao.ca.gov/LAOEconTax/Article/Detail/8 …pic.twitter.com/Qr3rdVIYoy
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It is very weird to frame this precarity as the consequence of the tax code, rather than escalating wealth/income concentration.
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I framed it that way bc the left often frames it that way, that you can just tax the rich, problem solved. California does do that more than anywhere else in the US but it’s problematically implemented, let alone the fact that it’s insufficient.
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If our economy continues (as it has for over 4 decades) to redistribute an obscene amount of wealth to a smaller and smaller proportion of the population, at the expense of working people, it is absolutely appropriate under a progressive taxation system, to expect more from them.
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I am not arguing for more regressive taxation.
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@kimmaicutler Do you happen to already know how income volatility of top 1% compares to broader population? Feels like one of those situations where even a few thousand individuals might be diversified enough that structural effects matter more than population size... - 1 more reply
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Particularly if one defines "the rich" solely in terms of income, rather than wealth.
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The question of whether and how much to rely on the rich is different from tax whether and how much to tax the rich. Tax the rich because nobody should have obscene wealth. So even if we find a tax system that doesn’t *rely* on taxing the rich, we should still tax the rich.
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This is not an argument not to have progressive taxation. It’s just about making people aware of a very important and consequential side effect that few people understand.
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