A majority of Americans support raising the top tax rate to 70 percent

Re:A majority of Americans support raising the top tax rate ... by siffland on Wednesday January 16, 2019 @04:16PM (#18925355)

I find the poll kind of funny. Of course it is going to be in favor of taxing people who make more that $10 million. Odds are if you polled for 70% tax rate for people over $1 million it would swing the same way. Why?Because it does not (directly) affect most of us as most dont make that much money. So it is easier to let the people above us do the heavy lifting.

The estimates i have read online say that it should raise like $70 to $100 billion a year. However does anyone here really believe someone making $40 or $50 million a year are not going to find tax shelters for their income and are going to stand paying 70 cents on the dollar in taxes.

Also when the article states they make more they should give more. What about a lottery ticket winner. Like the one who won $1.6 billion, so like $1.1 billion of that would be paid in tax. That is a great scheme for the governement.

I just dont think it will generate the money people think it will and will incite more class warfare.

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Re:A majority of Americans support raising the top tax rate ... by Jach on Wednesday January 16, 2019 @04:46PM (#18925709)

> However does anyone here really believe someone making $40 or $50 million a year are not going to find tax shelters for their income and are going to stand paying 70 cents on the dollar in taxes.

You'd think so given how frequently the "it was once 91%!" phrase comes up. Regardless of tax rates, the amount of GDP gathered from taxation revenue has been pretty stable: https://en.wikipedia.org/wiki/Hauser%27s_law

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