4 ms·
Sounds just like Warren Buffett: http://money.com/money/5636661/buffett-wants-to-tax-rich-more/ http://money.com/money/5636661/buffett-wants-to-tax-rich-mor...
by supergauntlet 7y ago
Sounds just like Warren Buffett: http://money.com/money/5636661/buffett-wants-to-tax-rich-more/ http://money.com/money/5636661/buffett-wants-to-tax-rich-mor...
Reminder that during the time generally pointed to as 'the good old days' (the 1950s) the top tax bracket was 85% (!): https://web.stanford.edu/class/polisci120a/immigration/Federal%20Tax%20Brackets.pdf https://web.stanford.edu/class/polisci120a/immigration/Feder...
Now, this doesn't directly translate to higher taxes on the wealthy (there are a lot of factors that go into effective tax rate) but it puts the handwringing around AOC's 70% top tax bracket in perspective.
- gridlockd 7y ago> Reminder that during the time generally pointed to as 'the good old days' (the 1950s) the top tax bracket was 85% ...but pretty much nobody in those brackets actually paid those rates: https://www.bloomberg.com/opinion/articles/2019-01-29/hollywood-stars-didn-t-pay-90-percent-tax-they-created-loopholes https://www.bloomberg.com/opinion/articles/2019-01-29/hollyw... (edit) To the people who don't get the point: Taxes never were that high in reality, so we can't draw any conclusions on what such a high tax would actually do. People may have this fantasy about rich people that they're just hoarding money like a dragon hoards gold. In reality, rich people invest their money, which the government wants them to do, so they don't tax investments (capital gains) that highly.
- supergauntlet 7y agoIs your argument that because people can evade taxes that we shouldn't collect taxes?
- deleted 7y ago[deleted]
- oceliker 7y agoThe argument is that the 85% tax bracket was never really 85%, so it doesn't set a valid precedent.
- NeedMoreTea 7y agoWhich is surely an argument to be careful to avoid evasion loopholes?