Birdwatch Note Rating
2023-12-01 04:30:41 UTC - HELPFUL
Rated by Participant: B5FB3FDEB8548D8E6063170D71A6CB3E8C55CD25A0D95C6F1E23F0B74D731D18
Participant Details
Original Note:
Europeans found that imposing punitive taxes on the wealthy was counterproductive. Wealth taxes encouraged avoidance, evasion, and capital flight. In most countries, wealth taxes raised little revenue and became riddled with exemptions. https://www.cato.org/tax-budget-bulletin/taxing-wealth-capital-income#complex-administration
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