Current Event Chapter 9
A 70% Top Tax Bracket
1. The idea of a 70% top tax bracket has been purposed recently. The main purpose circulates back to a longtime complaint, that the rich have too much money. Imposing this tax on this level of income would create a thick stream of revenue for the government, but how many of these high paying citizens would actually stay in America if they’re forced to pay through the nose just to live here when if in this bracket they can easily afford to move anywhere else in the world.
2. Chapter 9 has taught us about taxes, government revenue, and how a balance is maintained. The fact that a tax must have equity, efficiency, and it has to be understandable. That for the balance to remain, all these factors must be met so government and citizens of the country have a trust and understanding (that’ll happen).
3. But a tax bracket of such magnitude doesn’t seem equal, and better yet not efficient because it would scare away all of the “money makers” and government would wind up losing more revenue if they didn’t have to be such greedy blood sucking piggies all the time! So this is a very poor idea, and how it’s gained the popularity it has is beyond me, but it’s understandable. People all complaining about how bad stuff is that don’t do anything about it other than complain, I guess they need something to do. And here, I thought they were all at the tree hugger convention at wall street. [continues]
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