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Politics : A US National Health Care System?
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To: John Koligman who wrote (3372)12/18/2007 3:35:04 PM
From: TimF  Read Replies (1) of 42652
 
OT

People rarely paid 70%. That was the nominal rate on each marginal dollar, but people had a lot of available loopholes, and a massive incentive to try to find and exploit them. The combination of high rates and plentiful loopholes distorts incentives so that people put money and effort and time in to avoiding the tax, rather than making the best or most important investments.

If Schwarzman had to pay 400 million in taxes on a billion dollar income instead of 150 million, I don't think it would make a damn bit of difference in his lifestyle.

I don't think Schwarzman, or anyone, should pay high taxes, but Schwarzman isn't the issue. There are few Schwarzmans. The top tax rate starts at a tiny fraction of his income. Even if its ok in your opinion to soak the billionaires, the highest tax rate applies to people who have orders of magnitude less wealth.
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