I find it absurd that a healthy percentage of people today support taking 70% of every dollar someone earns beyond $10 million. How is that possibly morally correct?
As I've asked before, where does it stop? Why is 70% the right number? If you're for something as crazy high as 70%, shouldn't you also be for a 90% tax rate, or perhaps even 99%?There are way more cold, greedy rich assholes than good, generous, big-hearted rich people.There are good, generous, big-hearted rich people, and there are cold, greedy asshole rich guys who will exploit anyone or anything to make extra money.
The US had a top rate that exceeded 90 percent through the 1950s and early 60s and a 70 percent top tax rate from 1971 through 1980. Then President Reagan got Congress to cut it to 50 percent starting in 1982.