Although true, I think that undersells the effect of even this minor tax on the rich. Every dollar out of a rich person pocket is a dollar out of asset investments portfolios and another dollar in the local economy. Until housing isn’t a viable investment vehicle, as an example, that’s another dollar not going to increasing the cost of housing. Housing getting cheaper means cost of living goes down not just for the worker but for the stores that sell you your food and your stuff, which has a knock on effect of making cost of living even cheaper.
Taxing the rich, even a small additional percentage, isn’t just about raising more money it’s about redistributing it from the people who use it in the worst ways possible (corrupting systems, amassing power, buying the world) to the people who use it in the best way possible (paying for food, housing, education, healthcare, hobbies, art, and their communities).
We should tax multi-millionaires out of existence, but any additional tax against the systemic problem of wealth inequality is a win in my book.
Every dollar out of a rich person pocket is a dollar out of asset investments portfolios and another dollar in the local economy
I agree, but…
I think that undersells the effect of even this minor tax on the rich
I think that saying “they zeroed their 12 bil deficit thanks to the wonders of taxing the rich” is overselling what they actually did to the extreme. They got 1/24th of the needed money from pied-à-terre tax. The true “wonder” was the 7 or 8 billion they got from the state.
Although true, I think that undersells the effect of even this minor tax on the rich. Every dollar out of a rich person pocket is a dollar out of asset investments portfolios and another dollar in the local economy. Until housing isn’t a viable investment vehicle, as an example, that’s another dollar not going to increasing the cost of housing. Housing getting cheaper means cost of living goes down not just for the worker but for the stores that sell you your food and your stuff, which has a knock on effect of making cost of living even cheaper.
Taxing the rich, even a small additional percentage, isn’t just about raising more money it’s about redistributing it from the people who use it in the worst ways possible (corrupting systems, amassing power, buying the world) to the people who use it in the best way possible (paying for food, housing, education, healthcare, hobbies, art, and their communities).
We should tax multi-millionaires out of existence, but any additional tax against the systemic problem of wealth inequality is a win in my book.
I agree, but…
I think that saying “they zeroed their 12 bil deficit thanks to the wonders of taxing the rich” is overselling what they actually did to the extreme. They got 1/24th of the needed money from pied-à-terre tax. The true “wonder” was the 7 or 8 billion they got from the state.