Electile Dysfunction (Current students plz look!)

[Jake]

(ie. the idiotic proposed 90% tax) 

FWIW the proposal is 70%, not 90%. Let's have our numbers straight here. I think there was a 90% number mentioned briefly and quickly shot down. 

Per Forbes:

The US had a top rate that exceeded 90 percent through the 1950s and early 60s and a 70 percent top tax rate from 1971 through 1980. Then President Reagan got Congress to cut it to 50 percent starting in 1982.

I don't know that it's the best approach, but it should be acknowledged (for the sake of those who are more "the sky is falling!" than I am) that it's been done before. Whether it encourages capitalism for those making $10MM or more annually is up for debate. I do know that I, and everyone else in my network, do not make more than $10MM per year. Even the guy who founded an incredibly successful law firm 40 years ago and lives fairly extravagantly as a result. So, yes, it would affect some, but I'd be curious how many.

Edit: This Forbes piece I quoted from above has a good explanation on the type of people who would even be affected. If you're making money from investments and such, this income tax change doesn't appear to matter much compared to how it's portrayed on the news.

https://www.forbes.com/sites/howardgleck...45b76ebbff