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many people in my mentions insisting marginal income tax is not a wealth tax. 1) i’m not reacting to ocasio, i’m reacting to left twitter which is certainly calling for both 2) this would actually be better than the left elitist call for *only* a massive marginal tax
to eradicate the concept of future wealth would necessarily empower the currently wealthy to an unprecedented degree. the already-rich, with no youth encroachment on their power, become a ruling class and control EVERYTHING. please mind your second-order effects and take a seat.
Hadn’t thought of this. Thanks.
@micsolana but I’m not convinced that there is enough wealth to go around to such an extent that it would stop enterprising individuals from doing their thing. i dont think we could change the marginal utility of each dollar such so that it would change choices of great poeple.
With respect: agreed, US needs more/better designed wealth taxes (incl on inheritances) That said: top fed income tax rate is 37% on >$510k/$612k sgl/dual. I don’t see how adding a higher tax tier for >$10mm/yr will “destroy” the future wealthy. They’ll still be plenty wealthy.
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