Quote:
Originally Posted by Chico23231
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 |
Are you implying lower and middle class America would pick up the tab on a marginal tax rate of 70% over 10 million dollars?
Also, the 1% is already hiding their taxable income in tax shelters, how much more do you think they'd have to give that they haven't given already?
And finally, thanks for sticking up for the rich Chico, who knows what they'd do if they didn't have you to defend them.
I'm not saying a marginal tax rate is the solution to all of our problems. I am saying it would go a long way in helping fund the government which keeps borrowing against my social security that I won't be able to depend on in 30 years when I retire.