Feb 10, 2019
Soak the rich!
Any tax rate above 50% is going to hurt the economy. It’s a disincentive to earn money. You can argue all day long that the top bracket used to be 70% or even 90%, but there were enough deductions & tax shelters in those days to over stuff the shelves of whole libraries.
You want to go back to that? Hmm?
Actually, I believe the top tax bracket in the U.S. should be about 50%, minus whatever is paid in state income taxes, up to a maximum percentage, like 7 or 8%. This would encourage the deadbeat states to enact an income tax, as well as encourage all the states with an income tax to raise theirs to the maximum, because every penny they don’t collect (up to the 7 or 8%) will just go to the feds if they don’t.
