Birdwatch Note Rating
2023-12-01 00:45:38 UTC - HELPFUL
Rated by Participant: C8468270FD5B1F2819E50FA2F3E8106CF11A4BB406B7FF273A9905A260B2CCA3
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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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