It’s all a matter of degree: it’s the excessive inequality that results in excessive advantage. I’m all for reducing the inequality gap (a lot) but there does need to be one for capitalism to work.
As a prime example with income taxes in the US, most people prefer it be progressive.
Several decades ago, the top bracket was 90%, which surely reduced inequality without removing the wealth incentive, although I don’t know the reality
Today we do have graduated brackets so it appears to be progressive, however to a much lower degree that does nothing to reduce excessive wealth inequality. More importantly the tax code has become excessively complicated and full of loopholes for the wealthy such that the reality is REgressive. Our current tax system INcreases wealth inequality. That’s just wrong and violates any pretense of being for the benefit of all citizens
I’m all for reducing the inequality gap (a lot) but there does need to be one for capitalism to work.
And that is precisely why capitalism should be abolished. Any gap will grow, the only way to stop it is to close it and hold it shut. Any amount of inequality is injustice.
Several decades ago, the top bracket was 90%, which surely reduced inequality without removing the wealth incentive
And then the wealth incentive overcame the tax pressure and reversed it. The wealth incentive is perverse, there is no reason to preserve it.
It’s all a matter of degree: it’s the excessive inequality that results in excessive advantage. I’m all for reducing the inequality gap (a lot) but there does need to be one for capitalism to work.
As a prime example with income taxes in the US, most people prefer it be progressive.
And that is precisely why capitalism should be abolished. Any gap will grow, the only way to stop it is to close it and hold it shut. Any amount of inequality is injustice.
And then the wealth incentive overcame the tax pressure and reversed it. The wealth incentive is perverse, there is no reason to preserve it.