It is not the solution. It is merely a beginning. Bringing down the rich does not make the poor any richer. There should be an increased emphasis on elevating the poor, working, and middle classes through higher minimum wages and expanded opportunity. Increased taxes on the rich should only be used insofar as to promote the growth of the have-nots and must not become a means of punishing people for accumulating wealth.
I am in favor of making the tax system more progressive so the rich pay more of their fair share, raising the capital gains tax, and closing tax loopholes for the rich and corporations as a way to reduce the deficit, but that alone will not solve the problem of socioeconomic inequality. Socioeconomic inequality is a much broader issue, involving education, job opportunity, latent racism, the criminal justice system, and much more.
Taking the rich does not guarantee that these issues will be addressed. It will increase the revenue the government needs to reduce the deficit, thereby allowing the possibility that these issues could be addressed, but the government must be forced to use the funds in that way. That can only be done by electing a Congress that will make it happen.
It is a part of the solution in some specific circumstances. It is not a panacea in most situations. Taxing the rich must be paired with appropriately targeted means-tested programs (designed to reduce negative secondary outcomes), long-term investment into human capital and infrastructure, regulations, utility provisions, etc.
I am not comfortable with after-the-fact efforts to redress inequality. They are less just inherently than altering the opportunity structure in the first place. While some rich generated their wealth from contributing very little of value or being outright parasitic, others did so by making real contributions. While those contributions should not be viewed as orders of magnitude more important than anyone else's, they did work within the opportunity structure that we have.
However, our tax system is so problematic, at least in the United States, that it is basically a regressive tax. That needs to be adjusted. But it is only a part of the solution.
Inequality exists because some people have more opportunity than others, which starts early when some people simply work harder in school than others. Some people get into better universities than others. Some people get into better careers than others. This is always going to exist, regardless of who gets taxed more. If you believe simply taxing the rich is a solution to a societal inequality that has always existed and will always exist then you fail to understand the nuances of the subject.
One point I'd also make is that in the UK the top rate of tax got decreased a few years ago and revenues actually went up. Taxing people into oblivion is a surefire way to reduce tax income.
It isn't 100% of the solution, and by 'tax the rich' I personally mean removing loopholes that allow the wealthy people and billion dollar profiting corporations to get tax refunds and/or owe no taxes, but yes doing these things will help the government collect taxes that it has tried to levy but the rich have avoided paying up using various obscure methods only available to the rich expressly for the purpose of avoiding paying taxes.
The tax code should be simple, with the only additions being temporary subsidies to encourage business growth, and EITC for families. The standard deduction should be increased to 75% of the minimum wage (11,310 at 7.25) because that will set it at a level that will help a significant portion of people who spend the majority of their earnings on merely surviving in addition to giving some extra cash to people who are bordering the middle class.
Taxing rich people appropriately may not be the complete method of balancing out the extreme differences between the haves and the have-nots, but it's a step in the right direction.
I don't think people should have more money and wealth than they can spend in twenty lifetimes when there is such misery at the other end of the spectrum.
And no, I'm not a communist, but I DO believe that above all else the human race is being tested, and failing, because of our inability to apply such a simple rule as the "golden rule" to our comprehensive being on this planet.
Its Not even taxing the rich that would be a decent solution, its taxing corporations that make massive profits and AVOID paying taxes, after all, according to citizens united, corporations are apparently people.
A qualified yes. Yes, it's the only way forward at the moment; in the future, it may not be.
Right now, inequality is far too high, and the top earners are not doing anything to improve matters. At the same time, there are major problems in the US that need to be addressed, such as inadequate health care, inadequate repairs and maintenance of infrastructure. The best way forward right now is a high tax on the rich, with the revenue generated being used to create jobs in construction and administration. This will re-inject the lost money into the economy and improve matters for everyone, allowing the economy to grow again.
However, this change should not be permanent, and should expire further down the road.