Unsurprising. And I suspect the results wouldn’t be very different elsewhere.

And that’s why we’re fucked.

  • V HOP
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    fedilink
    11 year ago

    Not going to be anywhere near enough, because there aren’t enough rich people.

    E.g. in the UK the top 1% excluding the top 0.1%, earn an average of something like 200k pounds, but there is only about 700k of them. Every 10 percentage point increase in their taxes would add only roughly 2% to average tax receipts.

    The top 0.1% earn above 500k, but there are less than 70k of them.

    By all means do that too, and increase capital gains, and add wealth taxes, but ultimately we are in a position where it will hit everyone in the wallet and the later we leave it the more we’ll end up paying to try to fix things.