It probably is currently. But it’s also a bad idea to entertain the alternative which is generational wealth is the only substantial wealth that is attainable.
> That’s more than cooking the economy , that is literally killing the American dream.
People past the 10 million $ mark have already succeeded at the American Dream - even at measly 1% return rates, they and their offspring don't have to work a single day in their lives again. They can be taxed without the economy even breaking into a sweat.
Personally, I think there should be a hard wealth cap at some point between 100M to 1 billion dollars. "Trickle down" has been proven to be outright bullshit, and the uber rich have political power similar to landed gentry, in some cases nearly as much as kings back in the days. It's enough.
It’s not about current millionaires it’s about people who, due to higher taxes, may never be able to accumulate that level of wealth due to starting with little before the taxes are changed.
I’m not sure if it encourages saving but I can’t think of another way to tackle the debt that is more fair to people starting out and that incentivizes people to participate in the economy.
It’s not a fair situation to anyone — honestly it is a sad scenario. To be clear a special assessment does not imply that a higher wealth person pays a higher percentage of their wealth. I am not advocating for that.
It should be pointed out that people who currently work hard aren’t rewarded the same way people were when a lower tax environment existed. Do you think that is fair , if the taxes were raised significantly to cover the debt ? Specifically debt that the government accumulated before you even entered the workforce.
Congress needs to try harder and make it a constitutional amendment. The Supreme Court did in fact strike down income taxes until Congress managed to pass the sixteenth amendment and have it ratified by states.
A more fair approach would be a special assessment on net worth.