Interesting points from TechCrunch founder Michael Arrington:
Tax the rich. Those bastards.
I get why people who aren’t rich hate those that are. No one really cares what they have, they only care what they have relative to others. When there is inequality, and there always is, even the hyper intelligent call for a redistribution of wealth. It’s an enduring longing for us as a species, and no evidence to the contrary will convince people it just doesn’t work in any large group.
What I really didn’t understand until recently though is why so many rich Americans seem to loathe their richness as much as everyone else does. Many in Silicon Valley want to tax the rich into the middle class and let government spend and spend and spend. The super rich tech elite flock to Obama, joining in the call to screw the rich as loudly as all the rest.
Then I figured it out. As I wrote then, the super rich won’t mind at all if we “tax the rich” as it’s currently defined. That’s because people who are super rich don’t really pay taxes. They pay taxes on this year’s income, and capital gains on accumulated wealth. But the only “tax” that can ever touch what they’ve already made is inflation.
More from Michael Arrington on TechCrunch