Coriolanus
Banned
First step? In what universe is an income cap a first step?
That's what I don't understand with so many people on this board. I see it in the universal income threads too. Everyone jumps to these radical 'solutions' instead of the heaps of smaller, more realistic things.
For example, instead of putting a cap on income, you can start taxing capital gains more effectively, stop people shifting massive amounts of wealth offshore, and tinker with the progressive tax brackets.
the sad reality of the world we live in is that 2 out of the 3 things you suggested are about equally as unfeasible, as far as legislative efforts during the current climate are concerned. They'll probably tinker with the brackets to lower them for the upper end, tho.
If one must hope for better taxation methods, could always go for LVT
(not really)