Oh, I want to tax them nicely, put it into the country, build out the next generation of things we need to stay relevant, then watch them recover that money several times over doing business in the new, robust commons, just like they did last time, but that's just me.
And remember, having to think about a few percent change in tax rate at the income levels our top few percent deal with is a nice problem to have. I would gladly work hard for 500K / year, paying 40 percent as opposed to, say 100K / year, paying 20 percent. Anybody would, meaning there will always be somebody to work for it, incentive is still there, nothing changes, lots of money to be made.
Where the person working for 20-30K per year makes far more ugly choices, like say health care, or feeding the kids. Compare that to say lowering the investment percentage, or maybe not getting a second new boat, or looking at a private school close to home instead of abroad for the kiddies.
Posted on August 5, 2011 - 06:02 PM