Can someone delete -Level from this picture? It would then read more accurately as G20 High Tax Symposium.
And yet the market rallies.... makes no sense. Pandemic and high taxes you'd think would not be accompanied by ath markets.
The consequence of QE is the raise in asset prices. Normally only rich holds assets. It is normal to expect them to pay back what they gained. QE widens the gap between rich and poor. While rich lived through the pandemic, how many poor would have gone through economic hardship? We hardly think about the other side. This is what makes the economy function. Rich usually pay less tax by taking advantage of loop holes. Poor has no where to go.
If market didn't rally growth would have stopped. Jobs would have vanished. Imagine walking to a soup kitchen after getting tenured in Stanford. So QE was put in place to let the market rally.
Rich or poor is all about mindset. People are naturally divided into savers and spenders. And investing demands delayed gratification, persons ability of budgeting and enduring a short term pain in order to achieve a long term gain. Not everybody is psychologically built for that. How are higher taxes going to address this distinction? I firmly believe that every person deserves as much money as they are capable of making and keeping, no more and no less.
Without taxation government cannot fund its expenses. Rich or poor is not in mindset. That kind of thought is only valid when every human being has the mind of the Dalai lama. If that were true then in that utopian world money will have no meaning. Everyone will be spending their time in meditation.we live in a material world driven by capitalist thoughts. Look at how much was accumulated by the top 10 billionaires during pandemic. While taxes is OK the expense from got should not be improper.