3 ms·
No, we don't need to go back to this because it simply doesn't work. In my country, the top rate of 50% sets in around 70K of income. The top rate is hated so
by iteratethis 3y ago
No, we don't need to go back to this because it simply doesn't work.
In my country, the top rate of 50% sets in around 70K of income. The top rate is hated so much that it actively curtails people's ambitions. People feel its pointless to level up beyond this point. They won't fight to reach bonus targets because the bonus is cut in half. If they continue to grow in income, many consider working a day less per week, as supplemental income becomes largely useless.
A 92% tax rate, at whatever threshold you set it, means anything you do beyond that point has no point at all.
Further, for organizations to richly reward top leaders, which whilst not popular is very much needed, how do you figure they pay them a high net income? Just do up the gross costs by a factor 10?
Finally, surely you realize true wealth doesn't come from labor?