In a competition for limited resources, those relying on interest payments from capital seem likely to get progressively poorer—relative to those with interest payments from capital and income from work—even if the work income is taxed and redistributed.
Yes, the poor can vote in tax increases—but the rich can lobby the government, perform tax dodges, seek out tax havens—and so on. I know which position I would rather have.
I generally approve of this analysis.
In a competition for limited resources, those relying on interest payments from capital seem likely to get progressively poorer—relative to those with interest payments from capital and income from work—even if the work income is taxed and redistributed.
Yes, the poor can vote in tax increases—but the rich can lobby the government, perform tax dodges, seek out tax havens—and so on. I know which position I would rather have.