Originally Posted by jsmih

Stupid idea. In the past countries have had 90%+ tax rates. All that happens is the rich either move to a low tax country (Google tax exiles), or have zero incentive to create any more wealth (meaning not grow their businesses so hiring doesn't increase, no research and development spending so new jobs aren't created, etc). Taxation has to be a middle ground of not too much nor too little, which in my mind is no more than a 50% rate.