We have seen the future, and it sucks.

About That Fourth Tax Bracket

30th October 2017

Kevin Williamson has had enough.

I have a rate proposal of my own for that top bracket: zero.

I have for a long time been sympathetic to the idea of capping the total annual taxes paid by an individual, say at $1 million a year. I call it the Max Tax. There’s no good economic reason for it, I’ll be the first to admit. Barack Obama used to say that, at a certain point, you’ve made enough money. I think that, at a certain point, you’ve paid enough tax, at least for the year. The Left likes to talk about “fair share,” even though right now, as things stand, the top 20 percent of income earners pay basically all the federal income tax — their share of taxes is wildly disproportionate to their share of income. Call me old-fashioned, but I think a million bucks a year is more than one’s “fair share.” I like the idea of other tax caps, too: For example, I’d cap the lifetime property taxes on a residence at the price of the house itself. If you’ve paid off your house once, and then paid for it again through property taxes, it should be, at long last, your house. Yes, this would create some weird economic incentives, but I’m okay with some of that, and much of it could be mitigated through designing the cap rules intelligently.

If you pay a million bucks in taxes, you shouldn’t get a visit from a guy with his hand out asking for more. You should probably get a thank-you card. I don’t care if you made $1 billion this year — I don’t care if you made $1 billion this week — a million bucks is a lot of money.

I like it. It has texture, and scope.

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