Taxes

[Bengalzona]

(03-22-2019, 09:27 PM)TheLeonardLeap Wrote: See, I was going to go 2, maybe 3 years on my guess.

That number because that's probably about how long it'd take to make the new factories/headquarters/etc in other countries and move their best qualified folks over there with them.

The middle of our medical field would likely get crushed. Taking 10 years and ~half a million dollars of debt to become a Doctor, and working 60 hours a week just to give away 70% of their $300-400k/yr probably isn't conducive to producing a great medical field. I think the lower end doctors would still stick around, and the high tier doctors would still be around because they would be private doctors to the ultra wealthy, but that middle tier of doctors would get demolished. Doctors from other countries would stop coming here, and ours would head elsewhere.

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EDIT: We'd probably also have to massively upscale the size of the IRS, because tax evasion would likely be rampant.

Interesting. But historically, that wasn't what happened. As I recall, we had a top rate of 70% for about 60 years and really didn't have mass migrations of wealthy people.

Also, I think the lowest incomes of the top 25% here far exceeds the $300K to $400k range.

I'm not so sure about increasing the IRS. After all, the number of returns they would need to look at would decrease 75%. However, it could play havoc on professions like tax attorneys and CPAs.