Taxes on the Rich?

Taxes on the rich harm society. Wilhelm Roepke explains why in The Humane Society.

Very many people imagine that taxation of the higher
income brackets merely implies restriction of luxury spending and that the purchasing power skimmed off from above is channeled into "social" purposes down below. This is an elementary error. It is quite obvious that larger incomes (and larger wealth) have so far mainly been spent for purposes which are in the interests of all. They serve functions which society cannot do without in any circumstances. Capital formation, investment, cultural expenditure, charity, and patronage of the arts may be mentioned among many others.

If, then, the higher income groups are crushed by progressive taxation, it is obvious that some of their functions will have to be dropped....

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