this post was submitted on 12 May 2026
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The wonders of taxing the rich.
TBF, from the analysis someone else posted, taxing the rich only brought in, like, 550 mil. Which isn't nothing, but it's not like "tax the rich" saved the city - they did a lot of other stuff.
Although true, I think that undersells the effect of even this minor tax on the rich. Every dollar out of a rich person pocket is a dollar out of asset investments portfolios and another dollar in the local economy. Until housing isn't a viable investment vehicle, as an example, that's another dollar not going to increasing the cost of housing. Housing getting cheaper means cost of living goes down not just for the worker but for the stores that sell you your food and your stuff, which has a knock on effect of making cost of living even cheaper.
Taxing the rich, even a small additional percentage, isn't just about raising more money it's about redistributing it from the people who use it in the worst ways possible (corrupting systems, amassing power, buying the world) to the people who use it in the best way possible (paying for food, housing, education, healthcare, hobbies, art, and their communities).
We should tax multi-millionaires out of existence, but any additional tax against the systemic problem of wealth inequality is a win in my book.