I think the article misses the point on what a billionaire tax and a progressive tax system in general should be about. Tax systems in modern societies are not solely about generating income for the state but to a part also about distributing wealth more fair.
We are coming from a time where the marginal tax rates were between 70% and 90%. Now it‘s under 40%. [1] This is probably one reason why we came to the point were we have to discuss billionaires tax in the first place.
We are coming from a time where the marginal tax rates were between 70% and 90%. Now it‘s under 40%. [1] This is probably one reason why we came to the point were we have to discuss billionaires tax in the first place.
[1]https://eml.berkeley.edu/~saez/course/Labortaxes/taxableinco...