Rethinking “Tax the Rich”

I hate the slogan, “Tax the Rich!” because it sets up a dualism between the rich and the not rich. Even if it were possible to agree on the definition of “rich”, it obscures the need for revenue for governments to operate and the duty of those who benefit from the stability of government to pay for it.

The economic system called capitalism means an astounding number of things that depend on individual interpretations. The Oxford Dictionary simply says that it is a system where a country’s trade and industry are controlled by private owners for profit rather than by the state. Most individual definitions include various combinations of how control is executed.

This article explains how people with unmanageable amounts of money spend it without investing in anything that will create jobs or significant economic growth. They are often buying exclusivity. It’s an example of what Richard Reeves explained in his book, Dream Hoarders.