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If that’s the case, it would have essentially no impact on revenue. Very few people have actual “income” over 1.7 million a year. Most people who could bring i
by jki275 7y ago
If that’s the case, it would have essentially no impact on revenue.
Very few people have actual “income” over 1.7 million a year. Most people who could bring in that kind of money are smart enough and have the resources to structure things so that they don’t bring that kind of money in W2 type earnings or earnings that would qualify for this kind of tax.
Or they renounce their citizenship and move to Singapore as some have already.
That kind of tax rate is essentially pointless. It’s virtue signaling at its worst.
- mgkimsal 7y ago“If that’s the case, it would have essentially no impact on revenue.“ Then why be against it? Why not say “look, we enacted 90% top marginal rate and it hasn’t helped at all?”
- cameronbrown 7y agoBecause it's a waste of time, and likely that 90% tax comes with lower bands of 60-70 for the middle class (whatever remains of it anyway).
- jki275 7y agoBecause it's pointless virtue signaling...
- ThrowawayR2 7y ago> "Why not say “look, we enacted 90% top marginal rate and it hasn’t helped at all?”" Because driving wealthy people and powerful businessmen out of your nation is obviously going to have bad effects that can't be reversed?
- wutbrodo 7y ago> Then why be against it? Why not say “look, we enacted 90% top marginal rate and it hasn’t helped at all?” Can you expand on this? Why would you want to put a policy on the books, dealing with its side effects without achieving its objective? You're saying this as if it's obvious; to me, it's anything but.
- jki275 7y agoAlso, it sets a precedent that people who work hard and are successful are bad and we should take all their money for the societal good. If you don't recognize that particular ideology, it's one that has murdered millions of people worldwide in every place it's been implemented.
- sundaeofshock 7y agoThis article seems to suggest it would raise a fairly substantial amount. https://www.cnbc.com/2019/11/07/two-democrats-come-up-with-a-new-plan-to-tax-income-over-2-million.html https://www.cnbc.com/2019/11/07/two-democrats-come-up-with-a...
- jki275 7y agoThat proposal is nothing like the discussion going on here.