the most dangerous thing about left wing normalization of a 70, 80, 90 percent wealth tax is the story it binds to the american psyche — you will never be rich.
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no sane person entertains a 90 percent wealth tax if they believe it will one day touch them. so for the left to convince us these taxes are necessary, they must also convince us we will never be wealthy. the problem: such truth is effective. what you believe is what you become.
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class mobility is already difficult. my mother ran away from the projects at 16 with *nothing* but the belief, enshrined in our american story — the american dream — that if she worked hard she would rise. and she did.
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without the belief that one is master of her own life, the wealthy mostly just become annoying to talk to — trust fund babies forever apologizing for their meaningless existence. but the poor are doomed.
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the american dream must be fought for. it must be argued, expanded, amplified. but first, we must acknowledge it’s under attack. i’m here to tell you: it’s under attack.
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if I've got enough to hit that 70% threshold I'd be doing pretty damn well... assume it doesn't kick in until (say) $5m income (and remember, it only impacts the earnings above $5m) I imagine I'd not be struggling.
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is it so insane really? If you have $1B and your facing a 90% tax rate on the next $1B you make, are you really like "whooooaa insanity" or are you like, eh, another $100m ok so thats fine.
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Hm. What makes you say this? It is merely a tax over certain income, and it is also merely 70%. I do think I would eventually be that rich, and I would agree - to 70 at least. Also, extrapolating as you do to 90 in a heated topic tends to be perceived in bad faith.
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To expand on that a little, I do not support taxes as a form of punishment and do not like them being seen that way or where that comes from. I simply think they are an effective way of achieving the things I want for society, perhaps surprisingly effective for all of us.
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Startup founder here - definitionally I expect to be very rich in ~10 years as a side effect of building seriously awesome shit. I’d be on board with 90% above $10mm in income, and bumping capital gains to like 40%. Wealth should decay. It’s power that must be continually earned.
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