What we really need is a wealth tax. Something like 1-2% on your net worth over $1 million to pick a nice round number.

It doesnt really necessarily work like that.

Taxing, not confiscating. And the rich only get taxed (very, very lightly) on the wealth they aren’t able to hide, so light taxation on a small part of their actual wealth. Cry me a fucking river.

“Give more money from the rich and they’ll distribute it to the rest of us” is a theory that has been tried before (trickle-down) and has never worked. The rich just keep the surplus and go on bitching about how unfair it is that they have to pay taxes at all.

Interestingly, some research has shown that raising or lowering the top income tax rate has no discernible effect on overall economic growth, but is very clearly linked to the amount of income inequality. The higher the top tax rate, the more equal the growth is across the economic spectrum.

Studies have shown that when the wealthy get tax cuts, they usually just bank (i.e. invest or hold) the extra money, creating no net positive economic impact. However, when those of lower economic status receive tax cuts, they usually spend the money, creating about $2 in economic activity for every $1 in tax cuts.

“but they will also begin to pay higher wages to the lower tier employees, for whom they will have to compete as our opportunities increase.”

Legitimate question: If they’re so greedy as to hold back wages for their lower tier employees so their own “net” equals a certain figure, why wouldn’t they simply keep the extra dough for themselves when their own tax burden goes down? Wouldn’t they then get used to this new, higher “net” and give themselves another…