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I find myself less worked up about this topic now that I understand the position better. Proponents want to reduce income inequality, full stop. Either the gov’t takes 90%, wealthy are disincentivized to work, or they leave the country altogether. Proponents see a win-win-win. https://twitter.com/mattyglesias/status/1081629613959405569 …
I very strongly disagree, but it is much less maddening when you realize that there isn’t a misunderstanding of what the effects will be.
I think it’s important to recognize that a 70%+ tax bracket would eliminate outliers. With a 70% bracket, we wouldn’t have SpaceX or Tesla - not because it would have disincentivized Elon Musk, but because he needed every cent of his PayPal exit to keep both companies alive.
(the fact that this is a cherry-picked example is exactly the point: outliers matter)
This is so spot on. But I didn’t think they knew the effects. If they do, that’s MUCH worse than pleading ignorance to effects. It’s wreckless.
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