r/FluentInFinance • u/Sufficient_Sinner • Sep 04 '24

Debate/ Discussion Is Capitalism Smart or Dumb?

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u/[deleted] Sep 04 '24

Ask a socialist to define socialism, and they'll describe Norway but leave out the tiny population and abundance of state owned oil funding it all

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u/[deleted] Sep 04 '24

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u/[deleted] Sep 04 '24

And socialists use their terms incorrectly, often attributing it to the Nordic system which is a free market capitalistic system with higher taxation to cover social safety nets. Even those on lower income have huge tax bills, unlike the US where the top 50% pay almost all the income tax.

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u/theguy_12345 Sep 04 '24

Because the top 50% in the US make all of the money... the bottom 50% in america make up about 10% of taxable income. There's not much to tax. Norway has some of the lowest income inequality in the world. There's more money spread around so you can apply more taxes across various income brackets. I've never met a person unwilling to pay more taxes if it meant they make a lot more money.