Forums: Community: The Soap Box: Re: [flesh] What % tax is fair?: Edit Log


Dec 7, 2012, 2:55 PM

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Registered: May 29, 2002
Posts: 2741

Re: [flesh] What % tax is fair?
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flesh wrote:
With taxes inevitably going hire in the coming decade, what's "fair"?

With some upper income earners going to lets say 39% fed tax and when you combing state tax, 9-13% sales tax in CA or NY, property tax, gas tax, etc...... It will be possible to go above 60% soon.

So, what's fair?

Is 90% too much if you make 1 million per year? What about 60%?

At some point does Atlas shrug or Do the most successful do what they do no matter what taxes you throw at them?

Well, we've got direct empirical evidence that even a top marginal rate of 90% doesn't stop wealthy people from working or making money. From 1946-1963, one of the most economically prosperous periods of US history, there were 24 separate brackets, and the top bracket, income over 2.3 million (in 2012 dollars) was taxed at 91%.

So the answer to your question, at least for the highest marginal rate, is somewhere between 90% and 100%.

The effective rate will be lower, of course, and depending on total income, but still significantly higher than what we're paying now.

EDIT: Also, I suspect from your post that you don't understand how marginal rates work.

(This post was edited by styndall on Dec 7, 2012, 2:57 PM)

Edit Log:
Post edited by styndall () on Dec 7, 2012, 2:57 PM

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