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So if we re-implement the 70% marginal tax rate now that these schemes are closed...?

• raiyu 8y ago
  Technically no, because the 70% marginal tax rate would be on earned income while a significant portion of wealth is taxed through capital gains. The tax code is very large, so you can implement a 70% marginal rate on earned income and capital gains, but that will just shift accounting elsewhere. Alternatively, we could get better at our costs. Actually look to balance the budget by decreasing military spending, rein in pharma companies and healthcare costs, and then if needed raise taxes to make up the difference. It would have a much better effect, because increasing the taxes on the wealthy would do nothing to adjust healthcare spending, high cost of drugs, a lack of investment in our infrastructure.
• deleted 8y ago
  [deleted]