For years, anti-tax proponents have broadly labeled all wealthy people as “jobs creators” in their persistent pursuit of lower tax rates.
Higher tax rates on the rich mean fewer jobs for the rest of us, so the story goes. But this fallacy has fallen out of favor because it’s clear that continual tax cuts for the rich are primarily benefiting the rich and will eventually cost the rest of us in the form of broad cuts to critical programs and services.
The lore of the privileged few benevolently creating jobs for the rest of us comes from the same ideological space that figures wealth and opportunity are there for the taking for anyone who works hard enough. This myth is comforting for the rich because it confers a moral sanction on their privilege. It’s also an ideal that powerful special interests have exploited to rig the system in their favor and funnel more of the nation’s wealth to those at the top. But it simply doesn’t hold true for working people—those who are already contributing but unable to get by—that hard work translates into economic mobility.
The 2017 Tax Cuts and Jobs Act bestowed half of its benefit on the top 5 percent of taxpayers, further reduced the already weakened estate tax, and dramatically slashed the corporate tax rate among other things. It was more unpopular than tax increases under the Clinton Administration, and it (along with a heightened awareness of how the system has been rigged in favor of the wealthy few) may very well be the straw that broke the camel’s back. A chorus is building and calling on our elected officials to tax the rich. And pundits and policymakers are seriously debating proposals calling for higher income taxes and a wealth tax instead of attempting to shut down the conversation by labeling such proposals as class warfare. [Source]
As I've written before, I'm not for taxing the super rich to gain general revenue for the federal government to spend. That's because the federal government can simply create the money to spend without taxing it back. I'm for taxing the super rich to greatly reduce inequality. That would be for the sake of democracy, as the rich have too much money to buy politicians and legislation that benefits them over the rest of the people.