Tax the rich? It sounds like a great idea … to people without a grasp of economic reality. For the rest of us, it looks like national economic suicide.
If you punish people for being productive, you’ll discourage productivity. Yes, there are some people who would keep working hard to create value even if the IRS keeps stealing it, but many would throw in the towel and live on the bare minimum they are allowed to keep. They wouldn’t start businesses to benefit society or to employ people. They wouldn’t buy luxuries that people create, build, and sell to rich people. There’s no faster way to cripple the economy — other than a pandemic shutdown.
You could confiscate all the wealth of every rich person in the country, even redefining “rich” so you can take more, and it wouldn’t put a dent in the debt Congress has racked up. A debt it pretends is yours to pay. “National debt” is a lie.
If Elon Musk had most of his wealth confiscated to fund government, the future of space travel would be in peril. In fact, it would probably be crippled for the next generation or two, at least in America. It’s too great a risk.
Even the rich people I don’t like have a right to keep the money they or their parents earned. The only people who don’t have the right to keep “their” money are those who get money from politics or other criminal behavior. That money should be returned to the victims, not handed to government.
“Tax the rich” is a trendy thing to say. It demonstrates how “woke” you are. As with most “wokeness” it also declares your ignorance in a loud voice.
I don’t want rich people taxed for the same reason I don’t want poor people taxed. It’s unethical to take money that doesn’t belong to you, no matter your justification. Taxation is theft, even if you would rather pretend it isn’t. If your plan relies on theft, it needs to be scrapped.
Plus, I don’t want government to have money. I’d rather shut off the supply and starve the beast. Taxation is apparently not even necessary for government finances since government has shown it will print whatever money it wants. Yes, this will eventually destroy the economy, but so will taxing the rich. If they are going to destroy the economy anyway, I’d rather they do so without taxation.