EDITOR NOTE: Taxation is a coercive act to which the government gives itself the right to exercise with impunity. For the taxpayer, there is no legal recourse to avoid taxation, save loopholes, and other means that may provide some context for exemption. The greater our income, the higher our share of taxes, it seems. So theoretically, we oppose the idea of a punitive tax on the fruits of our success. If only it were that simple. There are many wealthy Americans who benefitted from the advantages of a financial market to which many (if not most) ordinary Americans are not entitled. So, would a tax levied on these wealthy Americans be ethically justifiable? Or does a "tax the rich" solution to the problem rest on the monetary policies that transferred wealth from the poor and middle class into the pockets of the few? In other words, is taxation (of the ultra-rich) a government solution to a problem created by none other than the government itself?
President Joe Biden’s economic team at the White House is determined to make good on his campaign pledge to raise taxes on the rich, emboldened by mounting data showing how well America's wealthy did financially during the pandemic.
Originally posted on Bloomberg