Rich People WANT Their Taxes Raised
21st March 2017
Lion of the Blogosphere has a theory, with which I disagree.
Rich people talk a lot about getting taxes raised, but if you listen closely they’re talking about tax rates on Ordinary Income, wages and such-like, and that’s not where they make their money.
And even if taxes were raised on the forms of income that they get, they still have a comparative advantage over people who make orders of magnitude less than they do. A tax rate of 50% or even 90% is not going to hurt very much when you’re pulling down a hundred mil a year, but if you’re only making a hundred thou, that drops you to poverty level pretty quickly.