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What are your thoughts on a fair value for the highest marginal tax rate?
I am sure you will agree that at a tax rate of 100%, nobody will work or invest to earn above the amount which triggers that rate since the reward is 0, and on the other end a tax rate of 0 will result in no revenue being collected so what do you think is a reasonable value for the MAXIMUM tax rate on wealthy people? While you are at it, what income does your definition of "wealthy" start at?
In the late 70s and early 80s the US had a highest marginal tax rate of 70%. Do you think that since wealthy people had the money to pay that this was a good thing for the economy? Is it more important to feel like "rich" people are paying a lot of taxes?
Reagan came to power and started cutting rates. He probably went too far the other way and lowered the highest tax rate to less than 30% but nonethless by the end of his presidency tax revenues were more than they were at the start. How do you think that was that possible? Clinton increased them back to in the mid to high 30s but never went back to the high rates of the pre 1981 period.
Just one more question for now so i understand where you are coming from. Do you think it is a good thing for 40% of income earners in any society to pay absolutely NO income tax? . Or worse than that, that some people should be given money directly from the income tax system, when they did not pay any in?
I am sure you will agree that at a tax rate of 100%, nobody will work or invest to earn above the amount which triggers that rate since the reward is 0, and on the other end a tax rate of 0 will result in no revenue being collected so what do you think is a reasonable value for the MAXIMUM tax rate on wealthy people? While you are at it, what income does your definition of "wealthy" start at?
In the late 70s and early 80s the US had a highest marginal tax rate of 70%. Do you think that since wealthy people had the money to pay that this was a good thing for the economy? Is it more important to feel like "rich" people are paying a lot of taxes?
Reagan came to power and started cutting rates. He probably went too far the other way and lowered the highest tax rate to less than 30% but nonethless by the end of his presidency tax revenues were more than they were at the start. How do you think that was that possible? Clinton increased them back to in the mid to high 30s but never went back to the high rates of the pre 1981 period.
Just one more question for now so i understand where you are coming from. Do you think it is a good thing for 40% of income earners in any society to pay absolutely NO income tax? . Or worse than that, that some people should be given money directly from the income tax system, when they did not pay any in?
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