Comment Comment by nostromo Europe has repeatedly tried to soak the rich, and the results are always the same: the rich move their wealth somewhere else and you end up breaking even or even reducing your tax revenue.France: https://www.theguardian.com/world/2014/dec/31/france-drops-7...UK: https://obr.uk/box/effect-of-the-additional-rate-of-income-t...Sweden: https://eml.berkeley.edu/~saez/course/seimAEJ17wealth.pdfIt's interesting to note that even when these tax schemes were repealed, the damage had already been done and the wealth did not return.Here's a real plan for America:Step 1: have a tax rate that's a little less than our peersStep 2: return spending to pre-Covid rates circa 2019 parent nostromo 1 year ago
France: https://www.theguardian.com/world/2014/dec/31/france-drops-7...
UK: https://obr.uk/box/effect-of-the-additional-rate-of-income-t...
Sweden: https://eml.berkeley.edu/~saez/course/seimAEJ17wealth.pdf
It's interesting to note that even when these tax schemes were repealed, the damage had already been done and the wealth did not return.
Here's a real plan for America:
Step 1: have a tax rate that's a little less than our peers
Step 2: return spending to pre-Covid rates circa 2019