So tell me ultraviolent, at $10 mil, why would invest your money if you're only going to make 48 cents on the dollar? Seriously, you do all the work and the govt takes over 50%? At that rate, it's more beneficial for the person to just consume it rather than reinvest it. Thus, less capital growth.
Yeah, the taxes were high back in the day, but nobody paid those high rates. There were so many additions to the tax code giving exemptions for rich people that the rate truly means nothing.
Now tell me how come you leftists can't understand a flat tax? Not only is it 100% fair across the board, businesses wouldn't need to be offered tax incentives and tax credits, because they would pay the same tax on their first dollar as their 10 millionth dollar and so on. This way, you wouldn't have GE or Exxon LEGALLY paying zero dollars in taxes. Not only that, auditing a big corporation would be much more transparent and save tons of dollars governmentally and privately.
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