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In reply to the discussion: "Name a Country Where 70% Tax Worked" [View all]Picaro
(1,517 posts)Michael Dell apparently spent more time in his dorm room building PCs than attending class at UT.
Both the US and the UK are classic cases of government being starved for tax revenue and harming the greater percentage of the population.
Only the upper 10% of the country do well as their wealth has shot up while the economically disadvantaged refuse to vanish in spite of all that incentive provided to them.
The argument goes like this
If you tax the well off they will suddenly stop working and stop creating all that wealth that they create. But if you start the poor they will suddenly discover those bootstraps that theyve been failing to utilize all these years and with a mighty groan and a massive shove they will pull themselves up into the lower middle class.
The truth is that high tax rates on the economically advantaged create a world that is much much better than the world we live in today. Life is better for not only the less well-off but also that are for those that are well off.