Well, technically it doesn’t crush the middle
class either — more the high earning, but not necessarily wealthy class. But yes, we tax income and not wealth and the wealthy have a myriad of ways to tap their wealth without triggering income. You could consider that preposterous, but the only way to fix this problem is with a wealth tax (which few countries have successfully implemented) or some type of forced mark to market which comes with a whole host of other issues.
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In response to this post by HoodatB)
Posted: 04/08/2024 at 1:56PM