Quote:
Originally Posted by mooby
Do you understand what a marginal tax is? It's not 70% of your income. It's 70% of your income after you reach the 10 million threshold in a single year, and even then that first 10 million isn't touched at 70%. It's also a big reason why America prospered after WW2.
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Yes I remember economics talking how the prominent driving force behind the post WW2 boom was the marginal tax.
The marginal tax your proposing does not equal tax revenue(that's the yuge problem)...and the biggest question simply is "why?" Tell me why you want to raise this tax? Are you using the money to pay down debt...the fair share? That's reasonable...or are you looking spend it? The absolute highest figures Ive seen of source able revenue have been insignificant...and those figures are without the obvious move to tax shelters which will happen. The highest figures will take a willingness of folks to submit to the tax....this will not happen. There are much better ways to tax the extreme wealthy.
I know you and AOC are trying to lay the ground work for the unicorn farms...the marginal tax simply does not cover it...not even close. After all the legislation is passed for your fantasy land and the realization is the Wealthy tax increase wont come close to paying for it...who do you tax next? The largest tax base always picks up the tab