My issue with taxing the rich is that it feels very much like a moral statement, as in we should tax someone’s income because they have too much - whatever that is. When there might be more practical taxes that also incentivise better outcomes in society while still distributing wealth so that it’s not just being hoarded and doing nothing, like the land value tax. LVT would primarily target wealthy people, not because they’re wealthy, but specifically because they’re making money out of holding onto land that could otherwise be used to benefit the community.
3 months ago | 2
I understand that if a country raises taxes for the wealthy there's a risk they may move altogether to another country. How do you strike that balance? Also, why not tax expenses only they do? Like private jets commutes. It could help give back for their carbon footprint
3 months ago | 1
Everytime a think tank or institution is quoted saying that we can't tax wealth then I want you and all journalists to tell us who funds them.
3 months ago | 0
There are at least two reasons it could be a good idea. (1) I have read that a highly unequal economy, with concentrated wealth, does not work as well as one where wealth is more evenly distributed. Is there good evidence for this? (2) There is concern about concentrated wealth having an undue influence on politics and the media, and funding right-wing extremism. Is there good evidence for this?
3 months ago | 1
Explain clearly how the marginal tax rate system works. People think a 90% tax rate for those making above a 1 billion means they will be left with only 100 million when it really means that a company raking In 1 billion keeps the billion. And a company raking in 10 Billion only keeps around 2 billion.
3 months ago | 0
It's Complicated
What questions do you have about taxing the super-rich? Help contribute to our upcoming video.
By now, 'tax the rich’ is a familiar slogan. And it makes sense, a tax on the growth in extreme wealth held by individuals and corporations in the UK, for example, could generate significant funds. One study suggests a global levy on the top 0.5% could raise about $2.1tn – roughly 7% of national budgets – with the UK alone bringing in around $31bn a year. That revenue could be transformative if used to fund the health, education, affordable housing, climate resilience, and long-term care. So why hasn’t it happened?
In this new discussion series, we’re on a mission to untangle confusing everyday topics by speaking directly with experts and asking the questions people actually have. In an upcoming episode, we’re turning our attention to wealth tax.
What have you always wondered about how a potential wealth tax would work, and why it hasn't happened yet? Your responses will help guide our research and may be answered by our guest expert in our video. Join the conversation by leaving your questions below.
3 months ago | [YT] | 38