Originally Posted by GregLee
We need money for public purposes, rich people have got money to spare, so let's take it. That's my rationale for progressive taxes. It's like Willie Sutton's reason for robbing banks.
It doesn't seem like anyone on this thread is against progressive taxation. And our current overall tax system in the USA is definitely progressive. The real issue, however, is how progressive should the system be? There's a vast gap between a totally flat tax system and total confiscation of income beyond "x" amount.
What I liked best about your statement was that it referred to rich people and not high income people. I agree. What we really need in today's new world are taxes on wealth in addition to income so those butthole FIRE folks can finally pay their fair share!!
No earned income? No problem! Just send us 10% of your FIRE portfolio every April 15th! Or better, make it progressive! FIRE portfolio of $500k = 10% annual tax. FIRE portfolio of $1M = 20% annual tax. And so on and so forth....... Sweet! We'll show those LBYM, saving, holier than thou FIRE bastards!