Trump's Estate Tax Giveaway To Rich Triggered 50% Drop In The IRS Revenue: Report

[paleotn]

21. That's regressive taxation....

because even the rich can only physically consume so much. Far more than you and I, but that difference in consumption is far less than the difference between theirs and our net worth and total, annual income. Thus, any kind of consumption tax, be it a VAT or sales tax, doesn't shift taxation adequately to the upper 5% of incomes, i.e. those who benefit far more than you and I from our national institutions and should thus pay more for those benefits. The vast majority of Elon Musk's wealth is tied up in financial assets and associated transactions, not in stuff he consumes. Financial assets and transactions are where the real money is.

How about....

- Increase long term capital gains tax rates to something much closer to ordinary income tax rates. Data shows that lowering cap gains tax rates does not increase GDP growth. It does not increase investment on useful things and does not improve the efficient allocation of capital. It just drives financial bubbles.

- A financial transaction tax. A tiny % like Senator Sanders has proposed. So small, that it's nearly invisible to 95% of Americans, yet Wall Street, particularly high frequency traders, fight the very idea tooth and nail. No one has adequately explained to me how high frequency trading actually assists in the efficient allocation of capital, the lofty end goal of financial markets....supposedly. It's fucking Las Vegas. Tax the hell out of high frequency traders.