Not taxing anyone under 500k would remove a very large share of tax revenue. Combining that with higher corporate taxes would be nice, but if it got pushed too high (which it would in this scenario) we would simply see corporate flight from the US to elsewhere or it would eliminate practically all the benefit of lower taxes from the less wealthy as the cost of goods would skyrocket.
There isn't really a silver bullet unless people in the US as a whole culturally become less consumerist and our entire economy is restructured around that fact.
> we would simply see corporate flight from the US
Good. If they don't want to pay for the physical and legal infrastructure to make their business possible here, then they can go elsewhere. I'm so tired of this cowardly excuse.
People who also say 'the rich will just stop' ignore that the rich work crazy hard trying to ensure they add to their billions. They already are past the point of noticeable returns for their quality of life, yet they keep at it.
In return for their super high taxes we should give them a 'contributor to society' chit or star or something. Then they can gamify over getting chits, instead of hundreds of billions more. I'll happily call Elon a '7 star citizen' and support such a game.
It's not an "excuse". I'm just saying what would happen. I'm not against raising corporate taxes and patching loopholes. I just know there would also be unintended consequences for even the less wealthy that many don't consider.
There isn't really a silver bullet unless people in the US as a whole culturally become less consumerist and our entire economy is restructured around that fact.