Democrats move to finalize new ‘billionaire’ tax plan, targeting 700 wealthiest Americans as key source of revenue for spending plan

I am aware of those things, yes. In my personal opinion, the super wealthy should be paying a fair share of their income in taxes before we target those people at the lower end.

Are you aware that the tax burden of a 20% tax on somebody who earns 25k is greater than it is on someone who earns 100k? This leads to the argument that before targeting people at the lower end of the scale it should be ensured that people higher up are paying their taxes. Plus, the majority of society’s ‘essential’ jobs fit in that lower income bracket so it is also important to consider the value of their labour, in addition to the value of capital. Jobs that pay outside of that income bracket have a tendency to be less ‘essential’ to societal function, and thus the value of that labour is lower. In essence, it balances out when the two are considered together. For instance, a refuse collector will have a lower wage, but their job is essential to society’s functioning while a stock broker earns a higher wage but the value of their labour is far lower.

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