Comment by thinkingtoilet
Comment by thinkingtoilet 4 days ago
95% on what? Income over a million dollars. Income over 10 million dollars? If you like living in a super liberal state and super liberal city like Boston, you're not going to move to Texas just because you're getting taxed higher. Rich people are still absurdly rich, I feel like that gets lost in these discussions. These taxes don't materially effect them in anyway but have massive benefits for society.
Rich people tend to actually be penny pinchers in my experience and most will object to 95% income tax out of principle.
You could say "well good riddance" but taxing $10mn of income at 20% raises a lot more useful money than taxing $0 of income at 95%