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No one, in my opinion, should have to pay 90% of their income in taxes.
Why not? If someone is fantastically wealthy but is just sitting on their capital without making productive use of it, a modest wealth tax might come to 90% or more of their income. If they sell part of their assets to pay the tax, 1) the sold assets are more likely to be put to productive use by the buyer; 2) the wealth tax in the future will be a smaller fraction of this person's income.

This is all straight out of the writings of 19th-Century English market liberals.

guaranteed to evoke a violent reaction from police is to challenge their right to "define the situation." --- David Graeber citing Marc Cooper

by Migeru (migeru at eurotrib dot com) on Fri Dec 2nd, 2005 at 11:16:07 AM EST
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You're working with two assumptions that I disagree with:  (1) That the wealthy are just sitting on their money and not using it productively, and (2) that those who benefit will put it to more productive use.  No one can afford to just sit on their wealth.  If they don't reinvest it in their businesses, or in other companies, it's just going to be wasted.  And people don't become wealthy by wasting money.

There's a difference between taxing people out of need for something -- food stamps, health care, education, whatever -- and taxing them excessively because one group doesn't believe they're putting their money to proper productive use.

Better to stick with the 18th- and 20th-Century liberals. ;)

Conservatives want live babies so they can raise them to be dead soldiers. - George Carlin

by Drew J Jones (myfriends@thisispancakes.com) on Fri Dec 2nd, 2005 at 12:29:15 PM EST
[ Parent ]
Many people become wealthy by being born.

guaranteed to evoke a violent reaction from police is to challenge their right to "define the situation." --- David Graeber citing Marc Cooper
by Migeru (migeru at eurotrib dot com) on Fri Dec 2nd, 2005 at 12:37:53 PM EST
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