Under your advance knowledge of history and economics we would all be speaking Russian if such a high tax rate had not been implemented from 1940 to 1980. I cheer to you John. Dont become a John Doe.
very few paid the top rate because of exemptions in the tax code. tax rates are not the dominant determinant whether capitalism thrives. the 1st prerequisite for thriving capitalism is the rule of law i.e. sanctity of contracts followed by a sound currency and no bailouts by the government.
Fixed that for you. If you are not in the top 5%, I suggest you stop counting other peoples money. If you are in the top 5% and want to pay 80% tax, you can line up behind Bill Gates and Warren Buffet who are also in favour of such taxes. I heard a rumour that they were so sincere in their beliefs that they intend to make substantial gifts to the US Treasury to reflect the contribution they feel would be fair. Perhaps you can do likewise? Yes, if I earn enough that I would fall into the top tax bracket intended for the most financially successful in society then this would mean I was prosperous. And savvy enough to quarter in a low tax jurisdiction. Which would improve the prosperity of the low tax jurisdiction at the expense of the high tax jurisdiction. Increasing the top tax bracket has been shown to have negligible effect on total tax revenues, while directing elsewhere the economic activity of those who choose to expatriate. High tax rate proposals appeal generally to the simple minded and unproductive. Supporters are simple minded enough to accept a supposedly straightforward (but truly ineffective) solution to a complex problem, and unproductive enough not to be adversely affected by any change in tax policy. When the super rich claim to be in favour, consider if their deeds are consistent with the values they claim. It might be more plausible that having made their fortunes and paid low rates of tax, they seek to leverage the power of the state in order to restrict future competition. Trying to peddle this particular agenda on a website for traders is like trying to flog your bacon sarnies down the local Synagogue. Successful traders are not interested in subsidizing the work shy or inefficient governments. Those who are trading losers have likely earned their place with the same lack of applied thought which leads one to support such a ludicrous taxation policy.
High taxes do one thing - they fuel inefficient government spending and a systematic destruction of wealth creation potential for the masses. High taxes in our current environment will add to the exploding dysfunction of government empowerment over the people - starting more wars - adding more debt - and wasting more money that is not in the pocket of you and I. You must be a student from Berkeley with this crock of crap.
Of course. But in another country. If you tax people too much - everybody, not just the rich - they will flee. Which is exactly what is happening in Italy right now.
Thank you for this post. I love when I discuss with people as smart and knowledgably as you are. I only disagree a little with the 2nd paragraph. Many countries have tax rates and are one of most productive countries in the world. Countries like Canada, Germany, Sweden and Finland should be considered when taking a high tax rate approach. They score higher than the US in the Freedom of Economic index. The US fails to provide in its free market economy more doctors per person than these countries where doctors donât make even half of what they make in the US and they are called socialists; somehow we love to buy products from the communist Germans. But by some means we do manage to have the highest per-capita of lawyers; Yeah we need them to protect us from the tyranny of government. So much talk about capitalism and the US is not a free economy. It is considered a mostly free economy.
ROFL, You only get better with your lack of defense, and lack of proof. Ok, I used no bad words, I want to see your proof. The is you are making it up, and have no analysis. You remind me of the Union overlords, and politicians(on both sides) who make up stats with no proof, or stats that are so easy to disprove it is embarrasing. Ok, now that I have been civil, in your terms, can you provide the basis for your facts?
Well check again. I heard many Americans are leaving to find work worldwide. I might consider moving to Canada.