Oddbean new post about login | logout Good morning. Before today starts why not take the chance to read @b6548392 piece for @46798d8d on why it makes more #political sense to increase #taxes on the incomes of the rich rather than try to introduce a #wealthtax. Revising taxes on income requires pragmatic adjustments to #taxation which is far easier than trying to introduce a new form of wealth tax. If you already follow Murphy this will be no surprise, but it you don't this is a necessary read! https://eastangliabylines.co.uk/theres-plenty-of-money-its-just-that-the-very-rich-have-got-it-all/
@43d7c4ea @b6548392 @46798d8d I agree that a wealth tax would be slow to implement but the article doesn't even try to address the numerous ways the ultra wealthy avoid income tax. Without broader tax reform to plug the various loopholes an income based next no matter how well meaning taxes workers and many high paid workers are mobile, their skills are in demand internationally. The truly wealthy don't work and move their wealth outside of what is classed as income.
@43d7c4ea @b6548392 @46798d8d One of the greatest lies about wealth is that Billionaires actually earned it. Instead of a “wealth tax” I think the name should be “unearned wealth tax” and state that it is tax on wealth they didn’t actually do any work for. This reframing means all that “I worked hard for my money” rhetoric is weaponised against those who don’t actually work for it.