YUROP

1210 readers

5 users here now

A laid back community for good news, pictures and general discussions among people living in Europe.

Other European communities

[email protected]

Other casual communities:

Language communities

Cities

Countries

founded 9 months ago

MODERATORS

[email protected]

Tax The Rich EU-Petition Update (feddit.org)

submitted 2 months ago* (last edited 2 months ago) by [email protected] to c/[email protected]

41 comments fedilink hide all child comments

We need taxes for all - also the super-rich.

"Tax the rich" is an official EU petition. The EU Parliament has to deal with it when successful.

7 EU countries must reach the quorum. And in total 1M Votes are needed. Check yours in the chart and share, cross post etc.!

The petition calls for the introduction of a wealth tax on very large fortunes. Sign the petition here

you are viewing a single comment's thread
view the rest of the comments

[–] [email protected] 0 points 2 months ago* (last edited 2 months ago) (1 children)

Hey ho I have a paper for you

We demonstrate that chance alone, combined with the deterministic effects of compounding returns, can lead to unlimited concentration of wealth, such that the percentage of all wealth owned by a few entrepreneurs eventually approaches 100%.

...note no skill required. Conversely, hustling won't get you there.

We show that a tax on large inherited fortunes, applied to a small portion of the most fortunate in the population, can efficiently arrest the concentration of wealth at intermediate levels.

So we don't even have to hit millionaire kids. Inheriting 5-10 million a head is fine, systemically speaking. And if you think that your kids are better off with more money I sincerely feel sorry for you.

[–] [email protected] -1 points 2 months ago

...note no skill required. Conversely, hustling won't get you there.

You didn't read that paper. From fast skimming I can clearly see that their simplified model didn't check for impact of skill at all.

It says nothing about real world except there's a wealth concentrating factor of being ahead. Other factors are ignored