Is it just me or do others feel like the idea for a capital tax is about feeling a little green over business windfalls? Chance smiled on the likes of Bezos and Zuckerberg in the game of life, but they didn’t really do anything to deserve all that extra cash. They just happen to be at the right place at the right decade for the culmination of years of societal work. Or more importantly, they figured out how to tap it.
The COVID money was a windfall for some families. I heard more than one interviewee expressing an appreciation for how the unexpected chunk of cash enabled them to relocate, or search out new employment. One mom said she got her kids passports so they would be able to travel once the virus subsided. Without the windfall from the government subsidy, she wouldn’t have had the money for such luxuries.
Minnesota runs a state lottery. It was established by voter referendum in 1988. Its total revenue garners as much as $668.6 million per year. I always see people lining up at the customer service counter to buy their numbers when I’m at the grocery store. Here are some of the latest jackpots.
Windfalls used to entice tax revenue seem to be OK. Windfalls as a chance outcome from mass distribution of pubic funds during a pandemic seem to be OK. But windfalls due to business savvy and persistence need to be reined in by taxation. The accumulation of all that cash is villainous, an affront to all that is moral.
Windfalls, it seems, are good if implemented by me but not by thee.