I totally agree with that. My problem with income tax is that they don't really take into account how many people the income is supporting, other than a few token deductions. So if I make 200,000 a year, but I have four kids and a wife, I'm supporting six people, but a couple with no kids and the same income is only supporting 2, so they would likely have much more expensive things than I could afford, and I might see them as "rich" simply because they have new stuff and everything I own has been repaired multiple times. Over time they will definitely accumulate more wealth then I will, but I'm the one who get's penalized more than they do with every tax increase, since it means cutting back on the money I spend on the family, whereas the couple making the same might have to make do with one less vacation each year or hold off on on buying that new sports car, boat, or house. How fair is that? Then they complain that people aren't having enough kids and we need to let in illegal aliens to fill the vacuum, instead of fixing the tax code to favor people having more kids.
A real "tax the rich" plan would tax based on assets, and maybe include taxing distributions from trust funds(or taxes on the interest earned by trust funds), but we'll never see such a tax because the people writing the tax laws are already rich and don't really want to "tax the rich"
Every time taxes are raised, they squeeze families more, and before you know it, you have to have two incomes to pay for what one income used to cover. So I think taxes on the "rich" are code words for taxes on families to force everyone into the workforce in order to support the government to keep funding the rich to get richer, and then they have the nerve to turn around and tell us we're not paying our fair share because some of their buddies aren't rich yet or they don't yet have that vacation home in the Hamptons and they need my family to work hard and sacrifice so they can have whatever they want.
Yep. And most of the public still think rich == large income so there won't be any pressure from the public either.
Don’t encourage them or give them ideas.
We already have wealth taxes. The two biggest are property taxes and inflation.
If someone owns an expensive property but doesn’t have a large income, taxing their assets would force them to sell the property. Get enough people doing this at once and you will crash the housing market.
We need to stop the Government from spending so much money. That is the real answer.