Wealth taxes are good for once things are already out of control, I think generally higher income taxes/capital gains taxes (which should be higher than general income taxes) are the most progressive way to tax.
Let’s also not forget inheritance tax, which directly addresses the problem of hoarding wealth and perpetuating inequities across generations. If supposedly “self-made” people “earned” their billions, then their heirs should have no problems earning their own as well.
I support high inheritance taxes, but practically speaking they hit the middle class the hardest because they are the easiest to avoid once you are rich enough.
Wealth taxes are good for once things are already out of control, I think generally higher income taxes/capital gains taxes (which should be higher than general income taxes) are the most progressive way to tax.
Let’s also not forget inheritance tax, which directly addresses the problem of hoarding wealth and perpetuating inequities across generations. If supposedly “self-made” people “earned” their billions, then their heirs should have no problems earning their own as well.
I support high inheritance taxes, but practically speaking they hit the middle class the hardest because they are the easiest to avoid once you are rich enough.