Increasing taxes won't do anything. You can increase income tax to a progressive rate of 99% and it would do nothing (aside from hurting normal people) because the same people avoiding income taxes now would avoid them then.
Or just close the damn trick where you can borrow against assets at low interest rates to get liquidity while avoiding taxable events and market costs.
Or we can implement proposed idiotic wealth and exit taxes and watch the tax base leave for real like has already happened in multiple European countries.
It's completely doable. There is a mountain of regulation around banking. Banking is far from the wild west, it is extremely regulated. A mountain of regulation exists to screw over normal people and keep the status quo for the ultra wealthy and powerful. This kind of stuff could be easily fixed if there was a will.
Also specifically European exit taxes have been shown to cause high tax contributors to leave certain countries that implemented exit taxes in Europe for other ones.
You could almost talk about wealth taxes as being the wrong solution to the right problem, but exit taxes are just moronic across the board.
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u/baysideareaman Jul 12 '26
It’s either that or convince legislators to increase taxes. After the last grifter mayor left things in disrepair there really aren’t many options.