Birdwatch Note Rating
2023-12-02 19:52:09 UTC - HELPFUL
Rated by Participant: B96B90E24D565D68A72806222959F57E004921EBDB7390F96F5BEC64FE88C917
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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