Talk talk talk talk talk talk talk talk. This is just more talk talk talk ...all politics, thats all it is......it will never ever happen....anyone believing this nonsense is a fu$king idiot.
That's pure nonsense. There are a few billion people who would be happy if they could pay the taxes you pay, if they would have your income. So you don't have to complain. You should pay now more taxes as you are far better off then these billions poorest people on earth. But I think all Americans want to pay less taxes, not more. And the day you will make 10 MM you will try to avoid paying taxes as much as you can. Makes me think about a socialist, who was president of the socialist union of workers, who was against capitalisme and tax fraude. But he got caught as he had a fiscal construction for his own income to pay less taxes. He also said housing was to expensive, but when he sold his real estate he wanted the highest price possible. Then prices were not high enough instead of too high. https://www.therichest.com/rich-list/world/poorest-countries-in-the-world/ France had a millionaires tax for a short time. A lot of rich people left France immediately and France lost a lot of money.
Raising taxes to those rates reduces the tax collected. It is designed to be punitive. And is proof that the Commies and Socialists on the left, who want this, hate the Rich more than they want to help the Poor.
Why would anyone ever risk $1 at that marginal rate? If they are wrong, they lose the $1. If they are right, they make $0.30. That's a horrible risk : reward proposition. In some states and income tax brackets, the marginal rate for many is already at 50%. At that point, the only option left for ambitious people who want to keep more of what they earn is to leave...as happened with France. Of course, then they will raise the exit tax (and lower the eligibility threshold). I've often predicted that bitcoin is eventually headed to $0. But if we do see a wealth tax as Elizabeth Warren and other politicians have been asking for, then I'd have to reconsider my bitcoin thesis as tax evasion becomes much more enticing for many.
The S&P long-term average return (including dividends) is about 7-8% per year It's been giving ~11% per year since the GFC recovery All of Jack Bogle's interviews have him reciting the "Reversion to the mean" concept. This means for the next decade we are going to expect 3-4% return per year for the S&P500. I researched it myself and it is in fact true for the past 100 years. Since a recession will eventually come, don't be fooled by all the media outlets claiming "we won't recover for 20 years" and "the next great depression" etc. These are the same spastics who never dip their toes in an investment because they're Perma-Bears. USA is the worlds best built machine
Economics Soaking the Rich? It Could Backfire for Progressives https://www.bloomberg.com/opinion/a...ter&utm_term=190129&utm_campaign=sharetheview