A TAXONOMY OF TAX RATES….Jim Henley asks about rates of taxation. Here’s my quick and not-very-well-thought-out guesstimate:
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Above 40%: Unwise.
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Above 50%: Counterproductive.
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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%.
Discuss.