It’s excellent PR to raise taxes on the rich. Doesn’t have to be much, but once you do it, the media loses a lot of power to criticize the rest of the tax reform package.
But, for me, I prefer a strong move toward a retail sales tax rather than anything like an income tax. But that’s very hard to sell to Washington.
I’d advocate for a wealth tax. How would tax hikers like Buffett, Gates, Soros, Bezos, Zuckerberg and Bloomberg go for getting hit with a 25% accumulated wealth tax? You can be sure the Berniebots would go for it.
... I prefer a strong move toward a retail sales tax rather than anything like an income tax. But that’s very hard to sell to Washington.
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Hard sell to consumers, too, as it would increase the costs of groceries, clothing and other necessities on the middle and lower income folks.