However, it's crucial to note that raising taxes on the rich may not necessarily be a definitive solution to wealth inequality.
That's because we need to tackle the means that rich people make their money, such as private capital ownership, otherwise we will just be in an endless cycle of us taxing them and them inflating costs to make up their profits.
For example, in France, the implementation of a wealth tax led to an exodus of wealthy individuals leaving the country, which resulted in a loss of potential tax revenue and less capital for investment.
If we didn't have an economic system that relied on the capital investment of private individuals seeking personal profits to function, then this wouldn't be an issue.
Moreover, it's important to remember that many wealthy individuals and corporations contribute significantly to the economy through innovation, job creation, and investments...
Wealthy individuals and corporations do not contribute or produce anything on their own, it is workers who do all of that. The private business owners simply steal the profits of the workers' labor, thus further denying our own production from us and the rest of society for their own personal gains instead.
...which can be hampered by an excessive tax burden.
If private business owners are going to exist to deny the working class of the profits of their own labor, then the only significant means of guaranteeing provisions for society is via the taxation of the wealthy to fund social safety nets and public services, because the privatized market will not.
The key might be to strike a balance between taxation and growth incentives.
"Striking a balance" only aims to further the inherent class conflict of our current system, which fundamentally pits the needs of workers against the desires of the private owners who exploit them. Abolishing this system that produces this conflict in the first place is the only real solution.
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