Deacon923
Scooter Banks
Yeah, that's the big problem. Of course, the counter to that is wealth is way more than just accumulated income. The cut line for an income tax would hit people with varying degrees of wealth.
Well, for starters, we could ramp up the income tax on capital gains. Sales of homes and incidental capital gains received by people with otherwise low income (like for example kids who have a small stock portfolio gifted to them) are already either excluded from capital gains or taxed at very low rates. The highest rate on capital gains is 20%. It would be simple to match this rate to the higher income tax bracket rates, and you could index it so that the billionaires paid more than the paltry millionaires.
The estate tax should come back. Bigly.
And instead of a wealth tax, I'd prefer a financial transaction tax, or even a direct surcharge on certain commission income. This gets at all the money being made by the financial sector moving money around in opaque new financial instruments which don't do anything to provide jobs, increase the capital stock, or provide real innovation that helps people.