4 ms·
New tax bracket, 90% tax bracket for anyone making more than the president of the USA -- retroactive two years. Rates were higher than that in 1963 (historical
by donaldc 17y ago
New tax bracket, 90% tax bracket for anyone making more than the president of the USA -- retroactive two years. Rates were higher than that in 1963 (historical rates).
Bad idea. Besides being in very poor form (changing the rules after the fact), retroactive taxes will snare people who made perfectly reasonable financial decisions given the rules at the time, but would now find that they don't even have the money to pay their (retroactive) taxes.
As for 90% taxes on high income, I'd prefer that they simplified the tax code and got rid of loopholes.
- lupin_sansei 17y agoThey tried that in the UK in the 70s. Paul Graham mentions it in one of his articles. It just serves to drive wealthy and ambitious people overseas or to spend a lot of time and money looking for loopholes. The net result is that the size of your "economic pie" gets smaller and smaller.
- rwolf 17y agoI agree. Any suggestion for a 90% tax bracket for anyone making more than the (above board) income of a civil servant cannot be taken seriously. I wish he had written this naked insanity at the top of the page so I didn't waste my time reading everything up to it.