Claims that the US had great economic growth despite high income tax rates in the mid 20th century conveniently ignore the fact that the amount of tax actually *collected* was about the same as today.pic.twitter.com/b3jBE9w3oO
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That’s the unfounded theory, that they stop working. In reality, they work harder to make up for what they pay in taxes. No evidence for the “stop working” theory. It’s just not in their DNA.
People already working hard may continue if you increase their taxes, but the next generation never starts. http://www.paulgraham.com/inequality.html
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Certainly want to structure the marginal tax system to provide sig rewards for those who take risks that benefit society. Millions, rather than Bs. And the ex. of Commodore Vanderbilt's progeny argues for high estate taxes: excess wealth seems to encourage laziness.
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