• Rodeo@lemmy.ca
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    1 year ago

    How about wealth taxes instead. You know, like what we’re already doing with property taxes?

    Income taxes disproportionately affect the poorest in society.

    • SpaceNoodle@lemmy.world
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      1 year ago

      Then the solution is to make the existing income tax more progressive than it already is, not just throw it away.

      • TrenchcoatFullOfBats@belfry.rip
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        1 year ago

        More progressive, close the loopholes, fund the IRS properly so they are actually able to prosecute tax cheats (usually wealthy), set a cap on tax money that can go to the military and outlaw any tax cuts that primarily benefit the top 3 tiers within 3 years of an election.

      • n2burns@lemmy.ca
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        1 year ago

        Wealth and income are related, but are not the same thing. Wealth is assets while Income is earnings. Wealth could come from saving/investing income, but it can also come from “unearned income” like the appreciation of assets.

        I personally don’t support Wealth Taxes because wherever they’ve been implements, they’ve had limited effects. I’ve yet to hear a good plan for how to execute a Wealth Tax and haven’t heard good answers for questions like, “Do we allow for depreciation of wealth?” and if so, “How do we avoid that turning into a tax loophole.”

        Either way, wealth and income aren’t the same thing.