Lately we’ve been seeing Democrats, who at this point would more accurately be labelled “Communists”, advocating for 70% or higher tax rates for “the wealthy.”
This is idiocy, but it’s also concerning, given the relentless progress of the left that many of us have witnessed over our lifetimes. They may not be able to achieve 70% now, but, given the utter lack of balls within the GOP, it’s only a matter of time.
Unfortunately, the Commies actually believe that they’ll be able to level out the income distribution graph with this sort of strategy. The reality is closer to the opposite: the wealthiest of the wealthy, aka the 1%, or more accurately the 0.1%, are untouchable. Mere politicians can’t touch them, and that is pretty much an inexorable law of nature. However, Commie politicians are not going to simply accept this fact and go home. No, they are going to guess how much money they would be getting from their 70% rate, apply that to the next lower rungs of the income distribution, and call it a victory, even though it would have the net effect of skewing the income distribution even worse than it already is.
What’s more, I suspect the billionaires know this, and that is part of why they support leftist politicians. It’s sheer greed, knowing they’ll be safe while the Commies wipe out the middle class in the name of “tax the rich!” They know the greatest threat to their hold on power is the middle class.
What’s perversely interesting to speculate on, though, is what might happen after that sort of taxation becomes the norm. When the middle class starts getting taxed at 70%, a lot of them are just going to quit their jobs and join the ranks of the poor, hoping they’ll get something in the process. What then? Will we have something like in the late Roman empire, where something very similar happened and the emperor responded by saying, “No, you’re not allowed to quit.” And then, when people stayed in their unprofitable jobs for their entire lives but their sons, not being fools, decided that no way were they going to throw away their lives like that, the next emperor responded by saying, “No, you’re not allowed to abandon the profession of your father.” Is that where we’re headed? Because that, friends and neighbors, is how feudalism got started: Farmers being bound to the land because, for generations, farming had not been profitable, but if someone didn’t keep them there, then the empire would starve. Meanwhile, other, more mobile professions probably snuck out of the reaches of imperial authority and no doubt contributed greatly to the collapse of the empire by doing so.
Look for this to happen in America over the next few generations, once the Commies get their way. Or, maybe the whole mess will just fall apart before we ever get to that point. One can always hope, right?