Comment by kevincox
1 day ago
I'm strongly in favour of this. I think income tax should approach 100%. So your second billion you still make more. But not twice as much. The exact decay function is up to date. But I really don't think your post-tax take home should scale linearly with your income once you hit the max bracket.
We can also remove all of the loopholes that result in the biggest companies paying basically no taxes. I also think it may make sense to have a dramatically different tax structure for businesses than effectively income tax.
As I say above, here in the UK we used to have the top rate of tax at 95% of your earnings, and it was the period of fastest growth for poor and middle class people (Boomers at the time)
Unfortunately, the rich are the ones most capable of buying democracy, and the current set of politicians seem to very much welcome the money...