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A European Citizens Initiative wants to introduce a Wealth Tax (and they need your help)
(www.tax-the-rich.eu)
this post was submitted on 20 Jul 2024
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No, that is not how it works.
There's a certain cost of living. Housing, food, transport. There's a certain "floor" you have to earn or you'll have a miserable time in the world as it is.
Once you get above that earnings floor wealth suddenly starts to accumulate. You can get a nicer house, a fancier car, go out to eat and vacation more often. Which is all nice and good, people should be able to do such things, but those are secondary luxuries on top of what you need to live.
So instead of taxing everything, say, 50%, the lower brackets are given some slack with reduced taxes.
Look, I’m well aware of Engel's law. I just don’t agree with you, nor I agree with what most countries do, just become someone is above the line and has the ability to accumulate it doesn’t mean that person should pay an higher percentage. I believe the system should be fair, everyone should be taxed at the same flat rate such as 15% and that everyone can live comfortably with that tax.
If, as you say, we find that the percentage to be unbearable for some people we then fix what’s wrong there, not by changing the percentage but, by making sure those people earn more and are on a better position.
To someone broke; €1000 is invaluable.
To a millionaire; €1000 is another drop in the bucket.
The first €1000 is so much more valuable than the 1000th. A flat rate across all earnings isn't fair to the vast majority of those who can barely, or cannot make ends meet.
The wealth gap is already growing, if anything millionaires aren't being taxed enough. Singular persons do not need to have enough wealth to begin a small nation, I thought we left such fiefdoms behind with the middle ages.