12-07-2015, 01:25 PM
It's okay, they are the 1%.
It reminds me of a few years ago France raised the income tax on millionaires to 75% and then after 2 years scrambled to reverse it back to the 50% rate after all the millionaires either left, retired, or abandoned business altogether, causing a net loss to tax revenue and damage to the economy that is still being calculated.
Like the quote often attributed to Margaret Thatcher: "The problem with socialism is that eventually you run out of other people's money to spend." The France experiment demonstrated that in their country, 50% is sustainable (do not misrepresent that as being good for the economy), but 75% is disastrous.
It reminds me of a few years ago France raised the income tax on millionaires to 75% and then after 2 years scrambled to reverse it back to the 50% rate after all the millionaires either left, retired, or abandoned business altogether, causing a net loss to tax revenue and damage to the economy that is still being calculated.
Like the quote often attributed to Margaret Thatcher: "The problem with socialism is that eventually you run out of other people's money to spend." The France experiment demonstrated that in their country, 50% is sustainable (do not misrepresent that as being good for the economy), but 75% is disastrous.