The "vicious cycle" framing is exactly right. The tax system loses legitimacy not because rates are too high, but because the people at the top found a legal exit. Borrow against wealth, never realize income, die, and the slate is wiped clean. Young people aren't losing faith for no reason — they're watching.
It's real - when I lived in NYC, I paid about 10-15% less tax than London, but I got much less than that in city services. It's a mess over there. You can't help feeling "what's the point//why bother" after living with that for a while no matter where you are.
The "vicious cycle" framing is exactly right. The tax system loses legitimacy not because rates are too high, but because the people at the top found a legal exit. Borrow against wealth, never realize income, die, and the slate is wiped clean. Young people aren't losing faith for no reason — they're watching.
https://quibbly.fyi/p/billionaires-and-the-infinite-money
It's real - when I lived in NYC, I paid about 10-15% less tax than London, but I got much less than that in city services. It's a mess over there. You can't help feeling "what's the point//why bother" after living with that for a while no matter where you are.