Flying SquidBut how would they be able to live on that?
JackGreenEarthWhy take so little? I would recommend a 80% tax bracket above £1b.
mkwtThe deal with wealth is that it’s not income. Wealth is income accumulated over time.
So is your 80% top bracket rate a one time thing, or every year?
Why not? No one can accumulate that much money without exploitation.
The thing is that in the presence of wealth taxes, wealth dis-accumulates exponentially in the same way that it accumulates exponentially without the tac.
So you end up needing much lower percentage rates on wealth to get the same effect as an 80% tax on marginal income. Wealth tax rates as low as single % would dramatically alter the distribution of wealth.