Your comprehensive plan for implementing a higher taxation rate on the wealthy is indeed a popular idea, particularly in more progressive circles. However, there are potential downsides to consider. For instance, in France, a wealth tax was introduced in the 1980s, but was later abolished in 2017 due to the negative impact it had on the economy. Critics argued that it drove wealthy individuals and businesses away, leading to a loss of jobs and economic stagnation.
Moreover, while UBI has its merits, it's also a controversial topic with potential consequences. Studies from Finland's UBI experiment showed that while it improved well-being, it didn't necessarily lead to an increase in employment.
Lastly, the process of closing tax loopholes is easier said than done since it often requires extensive legislative changes and can face significant opposition from various interest groups.
In light of these potential challenges, how do you plan to mitigate the risks associated with higher taxation rates and the implementation of UBI? Additionally, how would you navigate the complex process of closing tax loopholes? I'd love to hear your thoughts.
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