So let me make my assumption: the people are not fighting to keep taxes low for the wealthy because they assume they might be (extremely) wealthy someday. That possibility is so very small. They are fighting to keep taxes low for the wealthy because they assume that this helps the society to develop its economy and technology, become wealthier and collect a higher tax revenue, as opposed to higher tax percentages.
You know, the government cannot consume percentages, it consumes money.
Over 20 years ago, in the midst of a huge recession and collapse of tax base, my country dropped the marginal tax rate for high earners of capital gains from 65 % to 25 %. What followed was a substantial rise in tax revenue. It doesn't happen overnight, it doesn't happen in one year. Conjunctures impact it. But when you are at the falling slope of Laffer curve, it would be good to do something about it.
So let me make my assumption: the people are not fighting to keep taxes low for the wealthy because they assume they might be (extremely) wealthy someday. That possibility is so very small. They are fighting to keep taxes low for the wealthy because they assume that this helps the society to develop its economy and technology, become wealthier and collect a higher tax revenue, as opposed to higher tax percentages.
You know, the government cannot consume percentages, it consumes money.
Over 20 years ago, in the midst of a huge recession and collapse of tax base, my country dropped the marginal tax rate for high earners of capital gains from 65 % to 25 %. What followed was a substantial rise in tax revenue. It doesn't happen overnight, it doesn't happen in one year. Conjunctures impact it. But when you are at the falling slope of Laffer curve, it would be good to do something about it.