this post was submitted on 19 Mar 2025
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I do not believe taxes need to be set as low as possible for the rich, I simply said the negative effects of increased taxation of the rich can offset the benefits at some point. The government should not wage war on the market economy, it should optimise it. But for the socialists it seems the economy is the enemy, and they think very little about the consequences.
But there is a more important point: efficiency. You say we do not need the rich to finance things, however, planned economics are less efficient than market economics because central management of such a complicated structure is very difficult. The rich are a lot more opportunistic and conform far better to the expectations(that are expressed in the market by price) of what investments are needed/more efficient than the goverment possibly can.
Well, in my personal experience and according to the people I know, people do move, and if they are sufficiently rich, it is hardly a problem. But I suppose it is not as cut and dry as that, and often it is more difficult for people to move.
Three points. Firstly, in the 1950s, CEOs earned around 20 times what the lowest-paid employee did (including things like bonuses, shares, etc). Now the average is around 400, but can be as high as 2,000.
Secondly, in the US in the 1950s the highest tax band was 91%. Today it’s 37%.
Both these things are perfectly sustainable. And all that’s working under the false premise that there aren’t numerous tax loopholes available to the rich but not the poor.
Thirdly, there’s a tonne of research into what best stimulates economies, but it’s often dismissed because it doesn’t favour the rich. If you give money to the poor, they will spend it in their local communities. Then that money gets spent again, and again, and again, getting taxed each time. IIRC, for every dollar given to someone poor the government itself gets something like a dollar fifty back. Because the money just keeps circulating.
Give money to the rich, though, and what happens? They hoard it, or they spend it abroad. It drains money from the country, either by taking it out of circulation, or by taking it out of the country entirely.
I do not believe income inequality is inherently undesirable.
Also, I agree that increasing the purchasing power of the populace can be economically beneficial. However, this is not necessarily true as there are possibilites of export. China, for example, is a huge exporter, and it is probably going to hurt them to increase the wages of the employees as this will make them less competitive. This policy is working quite well for them, it seems.
It doesn’t seem like you’re really replying to what i wrote.