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this post was submitted on 29 Sep 2023
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All of this is correct. I'd just like to add that, additionally, over the last couple of decades we have also systematically and agressively cut most taxes that mostly hit the very wealthy. Yes, (for now) we still have a somewhat functional wellfare system, but the wealth inequality is crazy high, which causes a lot of social stress and conflict.
For some quick examples:
All of this while the tax on actual work is very high, making it harder for those not already born with capital to aquire it.