📈Is the correction over? What cards look attractive with an upside potential?📈

[GOATcards]

Originally Posted by discodanman45

It doesn't matter because the wealthy will use every single tax loophole or wealth-management strategy to avoid paying taxes and increasing their wealth.

You do know the data on effective tax rates (federal and/or overall) at various income levels, right?

These days, top earners pay around 40% of their income, and I assume that would have to be federal only since we hear about them paying at least half of their income in taxes.

Is paying half of one's income in taxes good enough, or should it be more, and how much more?

I personally don't think any one person should have billions of dollars.

Most of the wealth at the highest end is financial instruments, especially stocks, which represent value production. The image of Scrooge McDuck swimming in a vault of gold coins isn't the reality.

It is amazing the sympathy that people have towards billionaires. They keep on getting richer and people want them to pay less money in taxes.

As someone else has pointed out, the choice is between them directing where economic resources go, and the government doing it. I fail to see much evidence that government is better at value production than billionaires are, beyond public goods like national defense.

The widening wealth gap in wealthy countries can be explained by globalization: wealthy people invest overseas, get their returns, but maintain residence in their home countries. Effectively it's a diversion of productive capital from their home country to countries that in some instances are desperately poor. According to measures at ourworldindata.org, economic inequality globally isn't rising or might even be falling. (Whether widening within-nation gaps are good for their internal politics is another matter.) It isn't as though the inherent dynamic of capitalism is greater inequality globally; it could be a local dynamic though.