re: #362 Obdicut

By the way, my tax proposal:

0% corporate tax

Infinite progressive tax on personal income. So, keep the levels we have now and just add them on through extrapolation. Maybe rejigger the levels so they make a nice curve.

Capital gains taxed at the same level as personal income— doubling the current rates— but with inflation taken into account. So if you sell for $100 what you paid $80 for twenty years ago, and that matches inflation, you pay no taxes.

50% estate tax on everything above three million, 80% estate tax on everything above ten million.

Get rid of all tax breaks except for spending on medical needs, education. Phase out the mortgage deduction over time.

Now I just sit back and wait for that Treasury Secretary appointment to roll in.

Tax rates on personal income should not exceed 100 percent. That just outlaws further economic activity by any too-productive inventor or artist or what have you. In fact, the rates should be capped quite a bit below that. We could argue about where the line is, 50% or 60% or maybe even 80%, but beyond some point, punitive taxation serves only to prevent economic activity that would have been beneficial to society as well as to the earner and the tax man.