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by eli
3538 days ago
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Taxes on the wealthy are at historic lows and wealth inequality at historic highs at a time when we have many important but underfunded programs that would benefit all of us. What's the argument against it? That it isn't "fair"? That rich people will stop trying to earn more money? I don't find that to be credible. |
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If you depend on a small number of people for the majority of tax revenue, you will end up with unstable revenue. Look what happened to California's tax revenue during the 2008 recession. It dropped because the small number of rich people who pay more than half of the taxes got hit pretty hard by the recession.
Besides, do we really want to live in a society where only a small group of people has a financial stake in the funding of the government? Voters would probably be a bit more informed if they had some skin in the game. We really don't want to live in a society where the majority of voters will always approve spending increases because they know their taxes won't increase, and the cost of the increase will be borne by the top few percent. That will get us a runaway train of government spending.