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At some point people just leave. Or revolt. There's a reason there isn't a 90% income tax.
by doggosphere 6y ago
At some point people just leave. Or revolt. There's a reason there isn't a 90% income tax.
- JumpCrisscross 6y ago> At some point people just leave. Or revolt. Sure. But this has almost nothing to do with which currency is used.
- doggosphere 6y agoIt was a reply to: The state always wins and will always take as much of a cut of the economy as it wants to.
- deleted 6y ago[deleted]
- jokethrowaway 6y agoIt looks like governments in the world keep getting bigger and bigger. If all western countries all agreed to raise taxes, people wouldn't have much of a choice. Is saving more of your income worth living in Africa, South America or South Asia? There have been proposals for a Global Minimum Tax which is pretty scary. There are also alternative ways to redistribute wealth from individuals to a centralised state. The Great Reset seems to go in this direction.
- doggosphere 6y agoIf democratic western countries increase taxes, then it may be the will of the majority of the people, given that they have the power of governance via elections.
- xirbeosbwo1234 6y agoThere used to be! In the U.S., the top marginal tax rate was 90% or higher from 1944 to 1963 and was 70% or higher from 1918 to 1920 and 1936 to 1980. Source: https://www.irs.gov/statistics/soi-tax-stats-historical-table-23 https://www.irs.gov/statistics/soi-tax-stats-historical-tabl... For the past few decades, the top tax rate has been extremely low. People have paid much higher tax rates without revolting or leaving the country.
- heavyset_go 6y agoThere was a 91-92% top marginal tax rate 70 years ago, and there wasn't a mass exodus or revolt. People with incomes that high have too much to lose in a revolution. Also, part of being filthy rich is living wherever you want without having to worry about the cost, which is why most rich people live in the most expensive locales in first world countries.
- doggosphere 6y agoThere was a 91-92% top marginal tax rate 70 years ago, and there wasn't a mass exodus or revolt. What percentage of the population was affected?
- gruez 6y ago>There was a 91-92% top marginal tax rate 70 years ago, and there wasn't a mass exodus or revolt. AFAIK the real tax rate at the time wasn't anywhere near that because there were tons of exemptions/deductions.
- deleted 6y ago[deleted]