re: #277 3 wood

We will see tax revenues plummet.

People making over $250,000 a year are not dumb and they will make adjustments to their income taxability to keep from losing their wealth.

Standby and watch as the definition of “rich” gets defined down. My guess is pretty soon anybody making more than about $50,000 a year will be in the crosshairs.

As somebody calculated yesterday, to balance this budget you have to confiscate every dime made by people above $75,000 a year.

This is going to cause even more selling pressure in the market as the prospect of higher taxes will raise the required return investors will demand on their investments.

If that return in not there, they will not hold the investment, but will dump out and put their money in something less risky

A report said that regardless of the tax rate, the average revenue that people pay after they figure out loopholes etc, is 18%. People make the adjustments necessary to pay only the minimal amount of tax.