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A 70% tax rate is insane. All that will do is incentivize taking money out of the country or cheating and lying and hiding all that money (even worse than now) I think a reasonable rate is around 20% or 30% and taxes should be structured where the people who make the least pay the least
What are you talking about, my marginal tax rate is 22% now (I don’t make millions of dollars), and the marginal tax rate for someone who makes millions of dollars is 37%, and taxes are structured so that the people who make the least pay the least.
And rich people still lie and cheat on their taxes lol
At least it'll be way more obvious where to conduct investigations if you visit a dude on his yaht in his private bay overlooked by 2 of his mansions and he's like "Buh huh huh, officers, why, I only make $120k per year, I swear!"
It's not "insane" it's lerfectly feasable. It used to be at 63%:
https://taxfoundation.org/data/all/federal/historical-income-tax-rates-brackets/
In fact it was changed from 25% to 63% in 1932