The reality is that not enough people have a significant amount of capital gains. My country only have 30 people with over a billion euro. For contrast USA have 900.
I think here only one million people have over one million euros in total net worth.
The truth is that it’s not rational to pretend that society get sustained only taxing capital gains, even if they were taxed 100%.
I’m all for augmenting capital tax, mostly because I don’t think there should be billionaires at all. But I do not think their disappear would make my taxes significantly lower. At the end of the day they are very few. If we want the current amount government expending most people, workers, will have to keep paying a ton of taxes, even if we were to expropiate and execute all the billionaires.
Taxed from 19% to 21% depending on quantity.
The reality is that not enough people have a significant amount of capital gains. My country only have 30 people with over a billion euro. For contrast USA have 900. I think here only one million people have over one million euros in total net worth.
The truth is that it’s not rational to pretend that society get sustained only taxing capital gains, even if they were taxed 100%.
I’m all for augmenting capital tax, mostly because I don’t think there should be billionaires at all. But I do not think their disappear would make my taxes significantly lower. At the end of the day they are very few. If we want the current amount government expending most people, workers, will have to keep paying a ton of taxes, even if we were to expropiate and execute all the billionaires.