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Politics : American Presidential Politics and foreign affairs
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To: RMF who wrote (43266)5/18/2010 1:18:55 AM
From: TimF  Read Replies (1) of 71588
 
Guys that make a Billion Bucks a year should be willing to live with $300 million "take home".

That's fantasy thinking. People respond to incentives. Tax 70% (in your example not just on the marginal dollar but on the whole, for every high income people) and you depress economic activity, and even, at least in the long run (and possibly in the short run) government revenue.

Greece doesn't have low tax rates, it has rather high rates. That's one (not the only one, but a significant factor) for all the tax evasion and avoidance there.

We can get marginally more income from tax rate increases (whether or not its a net good to do so is another story), but not enough to be a very significant part of restoring fiscal stability and sense to this country.
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