this post was submitted on 19 Mar 2025
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I am not opposed to inreasing taxes necessarily, but people need to understand that the income of wealthy individuals is not used purely for the fulfilment of their needs and wishes. Rich people play a rather important role in allocating and managing resourses(capital) in society, and increasing the taxes will decrease the capability of rich people to invest, which is not ideal.
Also, if the tax increase is percieved to be unfair, rich people can just leave and go to Monaco or Switzerland or any other "rich friendly" country. They are pretty much free to do so and they do it all the time. So increasing taxes will not necessarily lead to more tax revenue if they are increased above what is reasonable.
I am so happy karma is not a thing here btw. I would be in an unenviable position otherwise.
Why do a small amount of individuals need to be the gatekeepers on so much wealth?
And what is the alternative? What would you prefer?
Capital is economic power. Should it be concentrated or not? Well, I will first say that I do not see a reasonable way to drastically reduce this inequality of power apart from socialism(as in planned economy, not welfare) which I reject for many reasons.
I would say it should be concentrated because: Most people do not have the desire or capacity to wield economic power. This has nothing to do with their intelligence or worth as an individual, but with their character mostly. It involves making many difficult decisions and significant responsibility, as you are at risk of losing your investments. You also need to show initiative which many people lack. If capital was evenly distributed most people would not have the foresight to invest but likely would just spend it to buy the things they need/want for the already mentioned lack of desire and initiative for entrepreneurship.
Also, there would be no or very little incentives to do well since you would have about the same amount of money as everyone else anyway, and this would destroy our economy, since it relies on capitalists altering the allocation of resources based on personal incentives and information granted by the market(expressed by price). If these incentive structures are weakened, this can make the economy unresponsive, which will make the resource allocation uneffective, probably even less effective than when the economy is managed by the state(socialism).
while i would argue with you on a few points, i just wanna say i appreciate the reasonable tone of your comment
His entire answer boils down to "people with money have proven they can handle it" which is absolute horseshit, and frankly all the pretty words sound like code for "suck it peons, you don't deserve it because you didn't figure out how to game this rigged system in your first few years of life."
0 people should have more money than they can count while other people are choosing between rent and food and medicine.
I would prefer if you did argue, but I appreciate your comment.