Another serious non-sectarian non-partisan question for the redistribution crowd: how does your math actually work in practice?
it sounds great (to some) in concept to say, "tax the rich more and give it to the poor." How do you implement it?
For example, let's say that for annual income above $5 million, the marginal federal rate is 80%. Is that "fair"?
So you implement that plan, and you don't raise nearly enough money.
So, for annual income above $1 million, say, the marginal federal rate is 60%.
So you implement that plan too, and you don't raise nearly enough money.
So, for annual income above $650,000, say, the marginal federal rate is 50%.
So you implement that plan too, and you don't raise nearly enough money.
How far down do you keep going? How high do you keep raising rates?
I did some rough and ready math using census data and IRS data found online and it looks like you have to raise taxes on annual income above $120,000 to about 45% AND have steeply-graduated rates and brackets above that level too.
We are left with a situation in which you cannot find a practical way to tax enough money away from the "rich" to reach your goals. Now what?