Bloomberg Opinion has had some hot takes recently, and this one seems primed to give 2020 Democratic presidential candidate Elizabeth Warren a boost. She’s all for a wealth tax on the “tippy-top” of earners, thinking it could somehow pay for free healthcare, free childcare, free college, and more. What she won’t say is if Medicare for All would require a middle-class tax hike.
Bloomberg has some good news for her: research says taxing the very wealthy could provide “an emotional lift” to society as a whole.
Raising taxes on the wealthy could deliver something meaningful that millions of Americans would feel rather quickly: happiness https://t.co/nsgdxdMHq0
— Bloomberg Opinion (@bopinion) October 29, 2019
… raising taxes on the wealthy could deliver something meaningful that millions of Americans would feel rather quickly: happiness.
Recent research found that progressive taxes may make the average citizen happier and more content. In the course of their study, psychologists Shigehiro Oishi and Kostadin Kushlev of the University of Virginia and Ulrich Schimmack of the University of Toronto eschewed the usual debate about tax increases: Are they bad for economic growth? Instead, they focused on a more emotional one: Do Americans feel happier – and experience a greater sense of fairness – under more progressive taxation?
What did their research tell them about the Republican tax cuts letting Americans keep more of what they earn?
Ah, yes. The joys of participating in a mob.
— vizz504 (@vizz504) October 29, 2019
Just think of the smiles on all those pitchfork-wielding, torch-bearing faces. What fun!
— dmurph (@dmurphy910) October 29, 2019
So what you’re saying is that Americans are spiteful haters? Noted.
— Not Mandie (@ImNotMandie) October 29, 2019
Spite-based policy. What could go wrong? https://t.co/WDtNSuwsYf
— Guy Benson (@guypbenson) October 29, 2019
Spite is the reason to punish success? Is this an Onion article or Bloomberg?
— Bodhisattva (@BenjaminERogers) October 29, 2019
Was is Hayek or Keynes who first extrapolated the Mathematical Economics Theory of Spite and Envy? I forget. #METSE
— Hank Rearden (@STLJimmyG) October 29, 2019
nothing like feeding that green-eyed monster to bring joy.
— Ted Kasa (@TedKasa) October 29, 2019
At least you got the color on the graphic right. Green for envy!
— Jack Perry (@JackPer85387307) October 29, 2019
"Emotional lifts" are not a good basis for tax reform and we shouldn't cater to people who are lifted emotionally by bringing others down.
— G.R. Hall (@Garrett_R_Hall) October 29, 2019
If your happiness is dependent on others being taxed, you have a lot of learn about what real happiness really is.
— Perez-Roura (@Perez_Roura) October 29, 2019
Wrong! Watching others get screwed is not uplifting and does not inspire happiness!
— The Dude (@TheZeroSumDude) October 29, 2019
If that's what makes someone happy they have much bigger issues
— Ryan Kenney (@RyanK12222) October 29, 2019
Over time that happiness will change to starvation and bread lines if socialism is ever instituted.
— whatsinaname (@whatsinaname467) October 29, 2019
Sure – see all of the happy people in Venezuela
— Glenn Amurgis (@gamurgis) October 29, 2019
This is gross
— Susan K (@SusanK21) October 29, 2019
People would be a lot happier if they stopped worrying about other people's finances.
— Thomas Florence (@Thomas_Firenze) October 29, 2019
NEXT UP: Making rich people kneel while poor people line up to kick them in the butt could deliver something meaningful: happiness!
— Zorak (@MouzMagik) October 29, 2019
The wealthy do most of the philanthropic charity in this country. Higher taxes will mean less philanthropy resulting in millions of Americans being unhappy.
— Kyle James (@kjonthetee) October 29, 2019
— Eric Schnipper (@drschnip) October 29, 2019
Yea that sinking feeling when you get two weeks notice is certainly a quick thing.
— John Rodrigue (@JohnRodrigue) October 29, 2019
Penalizing success doesn’t give people incentive to become successful themselves. I mean, why bother if Uncle Sam is just going to take it anyway. ?♀️
— Patti Tatum (@pattitatum) October 29, 2019
Cut taxes on the middle class ??♂️
— Joe Romano (@JoeSapient) October 29, 2019
This is one of the dumber things I’ve read lately.
— Lynne Pence (@lynnepence) October 29, 2019
Happiness comes from giving, not forcing folks to give up.
— Gigi (@GigiinSeoul) October 29, 2019
Cause nothing speaks to happiness more than stifling the American Dream.
— Chris C (@Yukon_Lager) October 29, 2019
— Bulk72 (@bulk72) October 29, 2019
— TXSailorBear (@TXSailorBear) October 29, 2019
What kind of losers feel happy about watching their fellow citizens being robbed for succeeding?
— Casey Cochrane (@caseycochrane) October 29, 2019
Everyone feels happy if we pay no tax, let's do it then? ?
— Politically Incorrect (@xizzhu) October 29, 2019
If society as a whole benefits from this “emotional lift,” what about the rich who are getting soaked? “While their happiness levels showed no signs of increasing during times of progressive taxes, the wealthy did not become significantly unhappy, either” … “poorer citizens benefit without a notable loss in happiness among the wealthiest citizens.”
'Classic up-from-the-bootstraps story': Bloomberg Politics attempts to outdo the WaPost with a fawning al-Baghdadi headline of its own https://t.co/or22O0VzRx
— Twitchy Team (@TwitchyTeam) October 27, 2019