Yes, and how did that type of tax structure work for you Brits before Thatcher reformed your tax code?
the gvt must show his accountability first. it's fucking pointless to tax to death every productive person(yes,rich people included) and then piss the money away in some random shit hole like afganistan or pakistan ..or piss them away locally,doubling debt in less than 4 years. Clinton did taxed rich(not people,but their busineses)..how did it work for ya? all of them moved to chindia. now if you tax individuals-they will move too..trust me-you don't want to live in the country filled with poor folks.i've been there..no fun..
What bob said. If its right or wrong to coin 50 million a year is not the question - how much can you tax before the tax rate loses the country money is the question.
Where would they go? Almost every western country has higher tax rates than the USA. UK,France etc all have rates of 50% or more.
Instead of the USA taking " the poor etc." from Europe we could donate our selfish greedy lot that refuse to work for less than $1m+ per year !! They should fit in nicely with the folks on Sunset Boulevard and The Hamptons ! Might have to watch they don't end up with your palatial residences too, although some claim The Bronx isn't as bad as they say !
have you count\calculate US taxes? when you add all of them most likely they will exceed 50% for family with decent income(28% and up tax bracket). don't forget that many of these western countries provide at least something for free(health care,education etc) while in US you have to pay(A LOT) for it. they gone already..not physically yet ..as you can see now, after the rich been taxed by Clinton and whatever we have after him-they not only moved their businesses away from US,they moved their income as well. GOOG,GE are prime examples..imo-tax them even more and outcome will be very predictable once again. i've read couple first pages of last forbes where steve forbes talking about perry and his plans about taxes.sounds pretty good,but i'm not sure if it was possible with current political environment in US... the country would rise straight up,vertically,if they would do that. 20% flat tax for individuals,20% flat corp tax. no tax on capital gains and dividends.
Clinton ended his reign with a surplus, in case you can't remember that far back. It's Bush and Odumbo that have pissed it all away. Might even squeeze an apology out of them eventually. They can blame Blair !!