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>> I still believe there is a magic number like maybe 10, 50, or up to 100 which is a multiplier of the minimum wage above which the income tax must be 90%+ Th

• mcny 6y ago
  > The fact that you refer to it as a magic number implies that this at best wishful thinking. I agree. It is wishful thinking at the moment but it isn't entirely unreasonable. This is about individual income tax and not corporate income tax (which is a completely different thing altogether which I can't tax like individual income even in my make-believe world [0]). I think individual income tax changes I propose are very reasonable. I'd say if you are wealthy, my proposal is very much preferable to a wealth tax. [0] For example, according to https://finance.yahoo.com/quote/WMT/financials?ltr=1 https://finance.yahoo.com/quote/WMT/financials?ltr=1 the trailing twelve months, Walmart total revenue was ~523B, cost of revenue ~394B, and the most important bottom line, income before tax was only ~$20B. Ideally, we should be taxing revenue with no regard to expenses but there is no good way I can think of to do that other than drastically decreasing the tax rate to max out at about 2% so this is a different discussion altogether and likely not very fruitful.