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Those sky high tax rates were only applied to earned income. Capital gains was never anywhere near that high. All that means is the owners of capital stay rich
by rhino369 10y ago
Those sky high tax rates were only applied to earned income. Capital gains was never anywhere near that high. All that means is the owners of capital stay rich and nobody can earn their way into being rich. You have to invest or already be rich.
If you tried taxing capital that much they'd flee the country.
- tsukikage 10y ago"If you tried taxing capital that much they'd flee the country." I keep encountering various forms of this. Can someone explain why rich people who do not significantly spend, invest, pay taxes or otherwise contribute "fleeing the country" is bad?
- unprepare 10y agowho cares? theyd have to pay an expatriation tax on their wealth in order to take their money out of the country anyways. Theyd have to forfeit their US citizenship in order to not owe US taxes. If they think thats worth it, then let them. Why is this such a horrible outcome?