Earlier quoted context omitted.
European businesses are uncompetitive because of excess regulation. Not the ultra wealthy having to pay more tax. I'm pointing out they have wealth tax and haven't turned into a communist hellhole. None of the things you complain about whether its Europe refusing to build up their military or its business competitiveness is because of wealth tax. The USA has an annual property tax based on the properties value and is…
>Your entire argument is that 900 people out of 350,000,000 people in the US having to pay more tax is going to drive the US into the ground. Talk about a low-faith strawman! Let me eviscerate this garbage argument. The 900 billionaires in America control around $7.8 trillion USD in assets (US yearly GDP is over $30 trillion, for reference) Let's tax 1% of that yearly, meaning we just gained $78 billion dollars per y…
Excellent point. I'm glad you see how much of a pittance 1% annually is. Though I've made the same point before(remember I said 1% of 1B is just 10M, thats a joke for billionaires). Increase the % as you wish. 1% does nothing for inequality given stock gains are far higher yearly.
My whole point is that its a problem that needs to be solved. How we can solve it is a great thing to discuss. Your entire argument so far is that it can't be solved. Which I don't agree with.
And for some reason you just ignore some points. eg. property taxes: "in 2023, approximately $363 billion in property taxes was collected on single-family homes across the United States. Property taxes generally account for about 10-11% of total U.S. tax revenue.". You said "Most middle class folks would never end up owning their home.". Turns out thats not true.
Tax the billionaires. You seem to think the current trend is bad as well. You just happen to think my suggestions to fix it is bad. That's fine. But I think its a better constructive use of your time trying to think of better ideas than give up.