Re:An open letter to Paul Graham
by cromwellian on Tuesday January 05, 2016 @06:34PM
(#10847056)
People won't stop trying to get rich just because they "can't take it with them" or pass on the wealth. And no one has proposed a 100% inheritance tax either, so this is a strawman that doesn't really move the conversation along.
The issue is, will higher taxes (not 100% taxes) on income and wealth stop entrepreneurial activity? I don't think so. Is someone going to quit because they'll pay capital gains of 30% instead of 20%? Doubtful.
The issue is what is the appropriate taxation level, not whether it should be 0 or 100%. Currently, most debates devolve down into extremist scenarios that no one is proposing.
The issue is, will higher taxes (not 100% taxes) on income and wealth stop entrepreneurial activity? I don't think so. Is someone going to quit because they'll pay capital gains of 30% instead of 20%? Doubtful.
The issue is what is the appropriate taxation level, not whether it should be 0 or 100%. Currently, most debates devolve down into extremist scenarios that no one is proposing.