>> 114581
I hope this is bait.
>>114590
>Wealth taxes will never work because it discourges people from wanting to work productively. What's the point in becoming the best, brightest, and most profitable in your industry when the government is going to penalize you for being successful?
https://en.wikipedia.org/wiki/Wealth_tax
>The Global Revenue Statistics Database presents a roster of countries that have documented instances of revenue collected from wealth taxes (the data is limited to 1965-2021). A total of eight countries (Austria, Denmark, Finland, Germany, Netherlands, Norway, Sweden, and Switzerland) were known to have collected revenue through a wealth tax in 1965. In the ensuing decades, the number of countries reporting wealth tax revenue increased gradually and reached its peak in 1995, with 12 countries (Austria, Denmark, Finland, France, Germany, Iceland, Italy, Netherlands, Norway, Spain, Sweden and Switzerland) reporting revenue generated from this form of taxation. As of 2021, five out of 36 OECD countries implement a wealth tax on individuals. The five countries are Colombia, France, Norway, Spain, and Switzerland.[4]
You are correct, all of those have a notoriously low GDP per capita because wealth taxes WILL NEVER WORK. As we all know, the most prolific innovators and entrepreneurs were driven by a realistic hope of someday becoming billionaires through their hard work. Take that hope away and the entire system crumbles, like in Switzerland and Norway. Non-monetary desires like becoming famous or self-actualization or wanting to contribute to your community or humanity or discovering new knowledge were and will never be primary motivators for any high-achieving people. Also,
>what is the law of diminishing marginal utility
That doesn't apply as far as wealth taxes are concerned, goy. Rich ((( people ))) with a pathological craving for money must be protected at all costs. Without them, humanity would regress back to the stone age.
>>114593
This but the opposite. Income tax should be abolished because it disincentivizes working for most of the population. Wealth taxes should be expanded along with Pigouvian taxes on alcohol, tobacco and sugar because they disincentivize negative externalities of capitalism like greedy genocidal billionaires and profiting off of public health hazards like alcoholism.
Honestly I can't even fathom why anybody with a net worth below $10 million would ever vote against abolishing billionaires. Is it just delusion that they are temporarily embarassed billionaires? Is it just masochism? Do some people get off on being loyal slaves to demons who openly lobby for converting the working class to biodiesel and installing themselves as kings of the ashes?