Bonus Commentary #2 - The Misguided Case for Soak-the-Rich Taxation

[nuumskee]

I don't get it the increase in taxes on the rich aren't that big of a deal. Cap gains would move 3-5% and corp taxes might raise 5% at best. This is not going to have our elite jumping on boats in droves to escape their horrible plight. There is nothing about the intended tax hike that will "soak" the rich. I like the way you explain econ but your analysis on a increasing tax base with an answer that involves lowering taxes is just weird to me. No one is going to go homeless over this hike.

[trumpit94]

The only people presently getting soaked are the millions of middle class and poor. If Bill Gates were to give up 99% of his wealth overnight, he'd still be a billionaire. What does a man with 20 or 30 year of life at most need with such enormous wealth in a world of such tremendous need and suffering. You may have a Phd is business but you totally lack any common sense about how the world presently is set up to work. &  it works very well indeed for the rich much to our collective detriment.

[LiberalofLiberty]

I recommend you search "Statism is Antisocial" on youtube. You'll find the answer to the (albiet rhetorical) question you presented.

[daqwerty88]

In many european countries it's by default that the more you earn the more you have to pay tax. I think the good economy in for example the nordic countries is because of this taxation. We take care of the poor and even if the rich has very well with money the gap between rich and poor is the least in just these countries, Finland, Sweden & Denmark. It's way too much about money in U.S.A.

[lextalionis2001]

One of the great things about economics is that it is to a very large degree SUBJECTIVE.

Clearly doctor mackenzie knows his subject but spare me the political commentary or if you wish to make such sweeping claims include the previous administration failure to avoid or mitigate the problem we are now undergoing.

one only has to see a breakdown in the wealth of the USA to see that a very small margin of society controls most of the assets.

Isn't it right to tax those assets professor ?

[stealthswimmer]

Economically speaking, taxing the rich more is detrimental to economic growth, which benefits everyone, not just the rich. Secondly, the rich are already paying most of the taxes in the US. Furthermore, in the past during feudalism(if i remember correctly, might've been a bit before that) rich people had an even greater share of the wealth. It's in countries that have fewer hampers on the market that allow the average person to lift themselves up. Rich people are gonn do well in any system.

[augana]

This guy is good. I read his Microeconomics for MBAs book and I got an A in micro.

[jonnniefivemiles]

Interesting commentary. Thankyou, sir.