SeaGal
Gold Member
quick question : what are your feelings about instituting a sort of wealth-cap for individuals and companies? something that would see their total wealth heavily taxed if it grows beyond a certain point?
there would be problems with companies teaming up, and companies buying expensive luxury items as gifts for their most loyal leaders and employees, but with the proper tax oversight, these encroachment risks can be averted, i think..
A wealth cap?...to what end?
It is interesting that you find 'compensations' (gifts, bonuses, etc) to be 'encroachments'. Encroachments on what? As you can see we have a progressive income tax system - the higher income folks pay a higher percentage of their income. The lower income folks pay little or nothing with some receiving back all they paid and more. As to state sales tax, gas taxes and state income taxes including personal property taxes - the more you buy, the more you consume, the higher your tax burden.
Summary of the Latest Federal Income Tax Data, 2018 Update
The federal income tax data demonstrates that the U.S. individual income tax continues to be very progressive, borne primarily by the highest income earners
taxfoundation.org
Though it is popular to blame the 'wealthy' for the ills of society it is ultimately 'for sale' politicians who are to blame for debt and deficit spending - the government is the only entity that can take your property (income) , by force if necessary. Unless changed by our lawmakers we have a voluntary association with corporations - our association with our government is not.