Birdwatch Note Rating
2023-12-01 05:30:10 UTC - HELPFUL
Rated by Participant: B650C82EC0C7A5F68B7EC05C3D02FDA8660499E653A36E157A67B73B8F5988F2
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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