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Survey: Almost 50% of Americans Consider Themselves ‘Broke’ (www.marketwatch.com)

submitted 3 months ago by [email protected] to c/[email protected]

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[–] [email protected] -1 points 3 months ago (2 children)

What incentive is there to keep working at a 90% tax burden?

[–] [email protected] 8 points 3 months ago

They did in the 40s and 50s when wealth ttaxes were that high. 10% of a billion is still a 100 million.

[–] [email protected] 6 points 3 months ago* (last edited 3 months ago)

Well if they stop working they make 0. 10% of any income is still more than zero, and this would likely be bracketed so high that there'd be at least a million or two in lower tax bands.

Edit: also strictly, the comment you replied to said "the wealthy" this could refer to a wealth tax rather than an income tax, where stopping working would just remove the income but not affect the tax burden at all—i.e. a pretty terrible idea if you want to remain wealthy