A TAXONOMY OF TAX RATES….Jim Henley asks about rates of taxation. Here’s my quick and not-very-well-thought-out guesstimate:
Above 40%: Unwise.
Above 50%: Counterproductive.
Above 60%: Unjust.
Note that I’m talking about actual maximum tax burdens on high earners here, not theoretical rates and not marginal rates. I doubt there are many millionaires in the entire country who pay an actual tax rate very much higher than 30%.