03-22-2019, 06:49 PM
(03-22-2019, 06:43 PM)Bengalzona Wrote: Not surprisingly, the question morphs from "could we do it" into "should we do it". And that is okay. It is also a worthwhile discussion, IMO.
But let me ask this: Would there be enough money to cover federal government expenses if we only billed, say, the income of the top 25% at 70% along with capital gains tax raises?
Thoughts?
Remember that when we talk about a 70% bracket that is only 70% of earnings over a certain amount ($250K?).
Billionaires pay the same tax rate on the first $50K they earn as everyone else.
If we do create a 70% bracket it should just be for earnings in excess of a very large amount like $5 million.
