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Even though it may be against their interests someone may look at a person making one million a year, see they pay close to 50% of their income in taxes (if the
by runamok 11y ago
Even though it may be against their interests someone may look at a person making one million a year, see they pay close to 50% of their income in taxes (if they live in California for instance) and think that's enough.
The majority of our income taxes are paid by very high income people. They may also feel that if we tax them too punitively they'll leave or cheat or have less money to start/maintain businesses, etc.
The top marginal tax rate is about %40 right? It used to be 90% in 1960 and 70% in 1980 although these kicked in at much higher amount of wealth than in the modern day. What do people think is 'fair' considering most do not even understand progressive taxes. 100 years ago there was no income tax.
I personally think we spend too much and the main reason I support higher taxes on the rich (especially cap gains over a certain amount) is so it is not as easy to subvert the political system in their favor. I don't know what number is 'fair' though.