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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)
What about the other counterfactual, though? What would we have if there had been 70%+ brackets 20 years ago?
Impossible to say what those would be. I’m pointing out the known tradeoffs we’d be making.
It would just happen in another country.
Just a different form of NIMBY.
Higher personal taxes advantage banks and stagnant C corps over growing S corps & LLCs. The latter need to finance growth in inventory, receivables and salaries. The unintended consequences of fixing gaps in personal income in this way are huge. Why not talk estate taxes first?
Presumably one could still have kept the money in a holding company. As I understand it the money would only be taxed when paid out for consumption. Also a company like Tesla could have benefited greatly from a government buying green cars or grants from a kind of green DARPA
That’s not something you can hindsight.
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