It does more harm than good.
I concede that the first video below covers the truth insofar as ordinary work goes. But it does not cover the situation in which the entrepreneur's income becomes so vast that he or she can use it to become a bully and a menace to society by corrupting government. We do need to address that problem. But the personal income tax fails in that respect also, as the second video posted here shows.
That one takes a leftist point of view but contains a contradiction: if the rich corrupt the political process, what is the point of taxing the rich? Also, the one-percent are not the problem. It's the one-millionth percent -- the super-rich -- who are the problem.
It has been pointed out that no matter how the pie is divided up, the federal government ends up taking about 17% of gross domestic product, whether the rich are heavily taxed or not.
I concede that the first video below covers the truth insofar as ordinary work goes. But it does not cover the situation in which the entrepreneur's income becomes so vast that he or she can use it to become a bully and a menace to society by corrupting government. We do need to address that problem. But the personal income tax fails in that respect also, as the second video posted here shows.
That one takes a leftist point of view but contains a contradiction: if the rich corrupt the political process, what is the point of taxing the rich? Also, the one-percent are not the problem. It's the one-millionth percent -- the super-rich -- who are the problem.
It has been pointed out that no matter how the pie is divided up, the federal government ends up taking about 17% of gross domestic product, whether the rich are heavily taxed or not.
The Progressive Income Tax: A Tale of Three Brothers
Tax the rich: An Animated Fairy Tale
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