The rich in France are fleeing a 75% tax, which is a terror to those whose wealth is identified as exceptional personal wealth. As Obama noted, such wealthy made their money in conjunction with the state. The state giveth and the state taketh.
We had 90% federal tax in my lifetime. It was a time of solid economic advance. It paid down debt, but there was also a huge cut in military spending. So 90% tax plus 90% cut in military will pay down the debt and still leave us with the most powerful military in the world.
Other people who call for this have no idea what they are talking about, so they give the idea a bad name.
What is wonderful about a 90% tax rate is it nails the rich but leave entrepreneurs alone. Say I bring in a million net "unearned income from investments." No way around a $900K tax bill. Say I start a business, and net $1 million. Well, I am going to pay more money to get better people, lease a private jet and invest most of it in expanding my biz until uncle sam gets nothing because I have so many business write offs.
Fat cats living off passive income get nailed. CEO with $50 million paychecks give up 90% of it. Money leaves the stock market and funds start-ups. Successful start-ups find they have more money than they know what to do with, and spread it around inside the company. No one should pay any taxes, but don't worry about a 90% tax rate, welcome it. It will not bother you. And the inevtiable is the ideal. It is coming anyway.
Feel free to forward this by email to three of your friends.
We had 90% federal tax in my lifetime. It was a time of solid economic advance. It paid down debt, but there was also a huge cut in military spending. So 90% tax plus 90% cut in military will pay down the debt and still leave us with the most powerful military in the world.
Other people who call for this have no idea what they are talking about, so they give the idea a bad name.
What is wonderful about a 90% tax rate is it nails the rich but leave entrepreneurs alone. Say I bring in a million net "unearned income from investments." No way around a $900K tax bill. Say I start a business, and net $1 million. Well, I am going to pay more money to get better people, lease a private jet and invest most of it in expanding my biz until uncle sam gets nothing because I have so many business write offs.
Fat cats living off passive income get nailed. CEO with $50 million paychecks give up 90% of it. Money leaves the stock market and funds start-ups. Successful start-ups find they have more money than they know what to do with, and spread it around inside the company. No one should pay any taxes, but don't worry about a 90% tax rate, welcome it. It will not bother you. And the inevtiable is the ideal. It is coming anyway.
Feel free to forward this by email to three of your friends.
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