this post was submitted on 13 Mar 2024
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Five dudes control more wealth than half the country shit's wack yo!
Way I see it, the brackets should be marked first at the quintile thresholds for household income, then at the 5th percentile threshold, then at the 1st percentile threshold.
Then each bracket's rate is the total of the percentages of wealth controlled by every bracket below the given bracket plus half the difference between that and the sum of percentages including the wealth that bracket owns.
So as an example, the 1%, they control 26.5% of the country's wealth, so the base is 73.5%, plus half of 26.5 is 86.75% for income above the 1% threshold.
That's how it should be.
But really that's what gets the other side to whine for when they'll leave the trailer park and become billionaires.
Even if we changed it to a fractiotof that it would still bring immense change. As long as it doesn't go to the military budget I guess
Personally I think the surplus revenue should actually be set aside at first.
Turn it into a national sovereign wealth fund to use as a way to patch over lean times in the budget or to dip into during a recession or depression.
If your taxes for the rich are too high, they will all take their ball and go home - to one of their many homes in a country that doesn't have high taxes. Or just declare their superyaught anchored in international waters as their "home". With "business travel" as their reason to spend time (maybe all of the time) on US soil.
When you have that much money, there's not really much society can do to touch you.
The US has one of the highest exit taxes in the world, if it's any concern you can raise it even higher, but capital flight is something the rich try to say will totally happen but that they never actually ever end up doing because paying high taxes isn't worth the hassle that uprooting and moving everything to a new country entails.
That's the kind of effort that gets provoked by imprisoning them for just complaining against those taxes, or by seizing everything they own without even nominal compensation.