this post was submitted on 15 Jan 2024
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It’s not pointless, because there are plenty who make an excessive salary. However, yeah, it’s not really sufficient because the well-off are already paying less taxes by using different types of income.
We also need to fix how low tax rates are on those other types of incone
If you look back on the tax reductions of the last several Republican administrations, you’ll see they predominantly reduce taxes in these non-salary situations that really only affect the more wealthy
It's pointless in that it's not going to earn enough tax revenue to make a difference. Billionaires didn't become billionaires from their paychecks.
I suppose it depends on what segment of “wealthy” you want to focus on. Billionaires make the news but there are very few of them
Massachusetts recently passed a “millionaires tax” on those earning $1M in the state. It affects 0.6% of the state’s population and has brought in enough to fund school lunches for everyone