Blood Borne
Member
Explaining basic economics to leftists is like teaching a pig how to sing. You waste your time and effort and more so, you annoy the pig.i. These articles don't demonstrate that average American people actual care about income inequality. Nor do they show how raising taxes fixes that issue.
Not to mention looking at data empiracally, US States with high taxation tend to have higher rates of poverty and general income inequality, than states with low/little taxation.
ii. This example is really a propos, because a person earning £30mil owes closer to £12mil at current tax rates, more than double the £5mil you're suggesting.
You obviously don't agree with people being taxed at 30% to 40% income rates.Otherwise why low ball the tax rates so much in your example?
iii. The most basic economic principle is the relationship between price and demand. If you raise the price ( in this case taxes) you lower demand (in this case the amount of people paying the full tax rate, or taxes at all.)
In the fifties, when the income tax rates were massive, it was due to the US having a monopoly on industrial manufacturing. Those levels of taxation wouldn't work in the modern economy. It would drive many businesses right out of the country.
Wealth inequality has got to be one of the stupid issues the left harps on about. Standard of living should be the concern. There's massive inequality between Bill Gates and a person who earns $100,000. Nevertheless, the latter leaves a very comfortable life. As opposed to developing countries where there's no wealth inequality and people are equally poor.
The left creates fake issues, issues no one cares about, just to further their marxist agenda. It's not a coincidence that all, I repeat, ALL the issues leftists scream about, the solution to all the issues is tax/wealth redistribution.
Climate change - the left believes tax/wealth redistribution will solve it.
Wealth inequality - same as above, tax/wealth redistribution.
'Institutional' racism - tax/wealth redistribution.
Institutional sexism/ gender issues - tax/wealth redistribution will fix it.
Anything leftists complain about, their answer to it is tax/wealth redistribution. Fuckin marxists.