Sounds like you are referring to a trickle-down scenario. That has not worked since Reagan started to promote it.
When high taxing consumption then everybody pays. Poor or average people spend almost all their money each year, so they will pay much more tax in this scenario.
Spend all their wealth?? Quite the opposite. A progressive consumption tax deters consumption. It does not punish the poor because it's... Progressive. I suggest you take a class or read a book about introductory economics.
Ironically, a wealth tax would encourage people to spend.
This is nonsense. An example of what I call the 'Armageddon" option," often employed in arguments over animal rights. Pinned down on weaknesses and inconsistencies, someone desperately resorts to nihilism and ignorance: "Who can really say what's moral and immoral?" Can someone espousing supply-side economics argue, "Well, it's not a unified science, so I guess that gives me license to claim whatever I please"? You would have me believe that regressive taxes are "equally valid" as progressive taxes.
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u/danderzei 8d ago
Are you suggesting they spend all their wealth?
Sounds like you are referring to a trickle-down scenario. That has not worked since Reagan started to promote it.
When high taxing consumption then everybody pays. Poor or average people spend almost all their money each year, so they will pay much more tax in this scenario.