This not even accounting for the fact that the tax code has all sorts of loopholes that the public absolutely will not touch. See also the wildly popular home mortgage deduction. Here again, the larger and more expensive the home, the bigger the deduction. Here again, another transfer of wealth from the relatively poor to the relatively rich that the public categorically refuses to modify.Indeed, not without reason as incentives to build bigger and better homes leads to the creation of wealthier neighborhoods. Not to mention also the kinds of low income housing that otherwise would not be built as it would not be profitable absent the home mortgage deduction.The bottom line, "tax the rich" as you will, it is mere catharsis and will not solve the problem. That problem being that the American public rather enjoy living beyond their means, consuming more than they produce. That being a bigger and more deep seated problem than how much in taxes the wealthy do or do not pay.
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The issue is when you create disincentives for corporations to build and create jobs. I think the major issue is that we live in such an inflationary based economy and the middle class and poor have no access to leverage. The rich make money off other peoples money. The middle class can’t really do that as well given regulatory hurdles such as the SEC accredited investor status. Regulation tends to hold the middle class and poor back. Working hard and saving money no longer works to get ahead. QE and inflation up the ass caused this. Also, cronyism is a huge issue in America. Not as bad in the UK.
Yeah I know this, as soon as they start to ask more tax they just leave, but then, you have to understand the peoppe above. When a couple is working 10 hours a day barely making ends meet at minimum wage peoppe get frustrated with the system so they look for alternatives like socialism. Blame the system not the player
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