03-22-2019, 11:01 PM
(03-22-2019, 09:34 PM)BmorePat87 Wrote: As other have said:
Could? Yes, for a while.
Should? No. I understand that for the ultra wealthy, a 70% income tax wouldn't mean a 70% tax rate on all earning. I'd have to know what the capital gains tax rate is. I'm not in favor of more than 50% of someone's earnings being taxed. It just seems wrong.
I'm also not in favor of a flat tax. The poor need 25% of their income more than the wealthy does. Flat sales taxes also affect the poor a lot more.
But we did have a rate of 70% or more for over 60 years and society (including the wealthy) prospered like no other period in our history. You would think a 70% income tax would cripple wealthy people. But it doesn't. This is because of the difference between income and wealth. A lot of the wealthiest people in our country can still make money even with no income.
![[Image: 416686247_404249095282684_84217049823664...e=659A7198]](https://scontent.fphx1-2.fna.fbcdn.net/v/t39.30808-6/416686247_404249095282684_8421704982366424390_n.jpg?_nc_cat=102&ccb=1-7&_nc_sid=3635dc&_nc_ohc=p8hMrwwk1IoAX8mnFLJ&_nc_ht=scontent.fphx1-2.fna&oh=00_AfBXs4gKHr4knFejO874dfV3zzLd_bq4GiUqHxGWFlwbug&oe=659A7198)