|In some ways I agree, in others I don't. I saw an article last week that touted the richest women in America. THe top five are each over a billion (if memory serves.) The thing I am certain of is that all five inherited their wealth. Again, I am conflicted by this. Part of me says tax it, while another part says I should examine the details first. The details show that their fathers (or husband's father) were extremely productive self made men. They created the wealth through intelligence and hard work. None of them did it because of political advantage or government granted monopoly. They made products or offered services that people wanted and voluntarily purchased. They weren't bankers or wall streeters or politicians who only made money because they had rigged the game to cheat others. Were they perfect? Of course not, but they used their efforts and talents to create prosperity for many others.|
High taxes have the unintended consequence of preventing productive people from creating a better world for (and employing) many people who would be otherwise less productive, less happy, and whose families would suffer as a result.
So tax the bankers and financiers 99% of income over the average income of the median worker. But for all the productive, give all of them incentives to produce and create.
In the case of the descendents of the great producers, taxing away all their inheritance could have the effect of destroying the businesses that generated the wealth and the jobs. Those businesses should not be destroyed just to tax their owners.
The problem is not that Americans aren't taxed enough. It's that the "public servants" spend too much. That is true in every country (AFAIK.) Today I saw a story online about how the NZ govt was replacing all their executive luxury BMW cars after 3 years use with new BMW luxury cars. According to recent studies NZ has the least corrupt government in the world. But the government's explanation was that it was the best deal. The article then explained that govt paid just under $100,000 each and would get about $55,000 at auction for the 3 year old cars, a loss of $45,000 per car, and the government is repeating the same deal (at a higher purchase price) and claims this is the best deal. I bet its a good deal for BMW, and helps their employment, but none is done in NZ. Somehow I doubt many New Zealanders will agree this is the best deal, since most of them buy used cars imported from Japan that are 5 or more years old, and then drive them for 10 years or more.
This problem is widespread in every country (that I am aware of.) Elected national officials believe they deserve better than their people, and the people have to pay for it because the people have no voice in who gets elected. The system is broken and giving government more money will not fix it.