> The pattern I see across countries is that over time the tax rates keep increasing and the thresholds at which apply keep coming down. And that is because governments are badly mismanaged most of the time
Sort of, but it goes back to the overwhelming size of government budgets. In the US for example, even if all of the assets of the wealthiest individuals could be converted 1:1 into cash (it can’t) and the government took 100% of it, congratulations, we’ve fully funded the government for perhaps one year. There’s nowhere to go at that point except to revise the definition of “rich.”
Sort of, but it goes back to the overwhelming size of government budgets. In the US for example, even if all of the assets of the wealthiest individuals could be converted 1:1 into cash (it can’t) and the government took 100% of it, congratulations, we’ve fully funded the government for perhaps one year. There’s nowhere to go at that point except to revise the definition of “rich.”