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Massachusetts passed a 4% millionaire's tax last year. Now every public school student is going to get free lunch
(www.businessinsider.com)
this post was submitted on 14 Aug 2023
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I'm pretty sure at an 80% rate the millionaires would just spend the rate moving, out of state or out of country depending on how far reaching it was.
And nothing of value was lost...
Like, oh no, what would a state do without their money hoarding exploiters that alredy contribute less than the bare minimum???
And worse - if everyone decided to make these laws, where will the poor millionaires escape to then???
Oh, won't someone think of the millionaires!!!11
Except the taxable income you wanted to tax?
I don't want to tax, I want to eat.
You mean the money that we already aren't getting?
That’s exactly how that would go.
why didn't that happen from 1944 through 1963 when the top marginal tax rate went over 90%?
People found all sorts of loopholes to not pay that. Nobody paid that much taxes.
Do you have any evidence for that claim, or are you just stating it with certainty because it feels right to you?
Nobody paid 90% of their total income because that's not how tax brackets work.
So lemmy is just as stupidly socialist communist as reddit.. got it..
Because I know how taxes work?
Then we’d be rid of them at least