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this post was submitted on 21 Oct 2023
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What's your idea for funding the government?
How about wealth taxes instead. You know, like what we're already doing with property taxes?
Income taxes disproportionately affect the poorest in society.
Then the solution is to make the existing income tax more progressive than it already is, not just throw it away.
More progressive, close the loopholes, fund the IRS properly so they are actually able to prosecute tax cheats (usually wealthy), set a cap on tax money that can go to the military and outlaw any tax cuts that primarily benefit the top 3 tiers within 3 years of an election.
Wealth Tax is just income tax with different increments of tax bracketing. You sound like a dummy. Nobody said the current income tax structure needs to be retained. Also rich people will just spend thier money on things not considered wealth, which they can convert back to wealth as needed, if true wealth tax is ever proposed.
Wealth and income are related, but are not the same thing. Wealth is assets while Income is earnings. Wealth could come from saving/investing income, but it can also come from "unearned income" like the appreciation of assets.
I personally don't support Wealth Taxes because wherever they've been implements, they've had limited effects. I've yet to hear a good plan for how to execute a Wealth Tax and haven't heard good answers for questions like, "Do we allow for depreciation of wealth?" and if so, "How do we avoid that turning into a tax loophole."
Either way, wealth and income aren't the same thing.
if i thought wealth and income were the same thing, I wouldn't have listed taxation of income vs wealth as different things, which I did.
??
What would you cut
The National Weather Service, the National Park Service, the National Science Foundation, the National Institutes of Health, the National Transportation Safety Board, etc? Yeah! What have any of those agencies ever done for us?!