Any tax that returns significant revenue is regressive. That's because there are only a few "rich", so taking everything they have away doesn't result in much money by Government standards, but there are a lot of poor people, so taking a little from each of them gives you lots.
This is why supposedly-egalitarian Socialist and Social Democrating Governments tend to rely so heavily on VATs and sales taxes, excises on things like cigarettes, and taxes on business and corporations. Poor people pay the tax every time they buy something, and the businesses that collect the tax do all the paperwork. This is why corporations were invented in the first place -- the King of England couldn't tax Russian peasants, but the Company of Friends could sell things to Russian peasants and the King could tax the Company.
The IRS, Inland Revenue, etc. etc. cost more to run than they collect, and confiscating all the assets of every rich person in the US wouldn't run the Government for an entire morning. In most European countries, soaking the Rich wouldn't pay the Premier's bar bills.
Taxes on "the rich" are Leveler window dressing.
Any tax that returns significant revenue is regressive. That's because there are only a few "rich", so taking everything they have away doesn't result in much money by Government standards, but there are a lot of poor people, so taking a little from each of them gives you lots.
This is why supposedly-egalitarian Socialist and Social Democrating Governments tend to rely so heavily on VATs and sales taxes, excises on things like cigarettes, and taxes on business and corporations. Poor people pay the tax every time they buy something, and the businesses that collect the tax do all the paperwork. This is why corporations were invented in the first place -- the King of England couldn't tax Russian peasants, but the Company of Friends could sell things to Russian peasants and the King could tax the Company.
The IRS, Inland Revenue, etc. etc. cost more to run than they collect, and confiscating all the assets of every rich person in the US wouldn't run the Government for an entire morning. In most European countries, soaking the Rich wouldn't pay the Premier's bar bills.
Regards,
Ric