- Oct 6, 2009
It isn't 70% of your income, and continuing to frame it as such is highly dishonest. It is 70% of your income after the first $10 million.People can agree in good faith about whether 70% of your income is a fair tradeoff for having someone else build previously "systems" (like roads and schools) that the person never agreed to and can't opt out of. Then we can recursively demand the people who get welfare from those we tax at 70% should give 70% of their welfare checks back to the government since they also benefit from those systems and people who support the system. If we're going to make that argument then everyone supporting the 70% tax rate should be forced to pay 70% of their income to their parents for their role in the person ever being born. The idea that your wealth and income belong to society and you only get to "keep" a certain amount is horrific.
If you managed to make over $10 million in one year then you benefited way more than most from all kinds of services, not the least of which is a government that prevents people from torturing you and your family until you cough up that $10 million.