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Would just taxing rich people be a good compromise?
in Economy
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Flat tax is too extreme but this level of extreme progressive tax is equally extreme.
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@passedbill It's not ideal for me to increase taxes on them either but remember it is a compromise. I understand they contribute a lot, but they could still have a lot of money even w/ high tax rates, right?
So my question for both of you is: would this be better or worse than the current tax system? Why or why not?
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This would be worse than the current system in most developed countries.
I already explained why.
The rich would move to nations that tax the rich less harsh.
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Then you shift from 5% to 20% as if you are proving a point. You aren't. You should first justify why you draw the line where you draw it.
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It would be theft if it was in a closed border nation that one couldn't emigrate from (such as North Korea but perhaps less extreme) but not if it's in a nation people can be said to choose to be part of.
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This is not a compromise in the slightest, this is jealousy towards the rich. Communism never works and doesn't even work in theory either. The notion that 'communism is great in theory but not in practise' is only said by people who have medium to low IQ. In theory Communism is a devastating contradiction of every single motive to want to work.
The reason I am left-wing overall is because lazy government is undeniably an inefficient and amoral government but the other end of the spectrum is actually more bad and is forcefully so upon all in their nation.
I am an anarchist first, a left-wing advocate second and a liberal third. This hierarchy is extremely important in how I analyse things and explains why in this case I am taking the right wing's side. Unfair taxation represents tyranny and I always stand completely against tyranny.
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The left-wing (depending how extreme) want the rich to have to fight very hard to stay rich and not let their 'rich' status be the very thing keeping them rich at any given point in time. On the flip side, they want to make it as easy as possible to not be poor and in the extreme 'dream of the left' there are no poor, there is only middle and upper class. If you go even more extreme then sure, there are some who want total communism but that's not the majority and certainly not me.
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The answer is you draw the line at the point where, if a person paid income tax they'd be too poor to maintain a decent enough standard of living. That's exactly why and how progressive tax began and why it is always the best solution if you do the mathematics right and stagger the tax well.
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Hmmm... what are the rich getting from this?
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@AmericanFurryBoy but you see that's not quite the compromise here, I mean a flat tax could work but that's a different story. Basically it's a compromise between no taxes and gov't funding.
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https://radioviceonline.com/tax-the-rich-run-the-numbers-on-taxing-the-millionaires-in-the-united-states/
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So what if we extend the taxable population to the top 5%? They already pay about 60% of the total income tax revenue. We'd just have to raise taxes on them.
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Even if they still would stay rich, your OP stated it would be a compromise. Now I want you to answer this:
What do rich people get from your compromise?
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@cydharta How do you know there's not enough income? As I said, the top 5% is already paying 60% of tax revenue, so you're saying raising the tax rate on them would be detrimental? Well high-income earners are already taxed a lot, are they moving elsewhere now? I'm also not trying to increase subsidies on the poor.
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Actually, they do. When tax rates go up, the rich move out as happened under Obama.
https://www.cnbc.com/id/47599766
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Conservative = low, flat tax for everyone
Liberal = high tax for rich only
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@anonymousdebater Are you sure that's what the left wants? I would imagine they don't care who gets taxed as long as gov't gets revenue.
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A good example of what happens when the upper classes are significantly disadvantaged is the outcome of Hollande's economical policies in France. The scale of the resulting capital outflow was unheard of in modern Western democracies, and Hollande became one of the least popular presidents on the West of all time - despite his policies allegedly being supposed to benefit the majority of the population.
The reason the argument "It's a lot for the poor, but it doesn't make a difference for the rich" with regards to high taxes for the rich doesn't work - is that the rich simply have different standards and expectations of their life. A poor person may see someone getting the net income of $100m per year as having orders of magnitude more than they need, so taking away half of that income doesn't seem to be significant to them - but for the rich individual, losing half their income has a similar economical effect to losing half their income would be for the poor person.
For the economical system to be stable, efficient and innovation-facilitating, interests of all economical groups should be taken into account. Disregarding the interests of the top 5%, especially given that the top 5% owns a significant fraction of the total societal wealth, is a pretty big blunder when it comes to economy management - and it has costed their influence and sometimes lives to a lot of monarchs, and nowadays administrations, over the course of history.
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