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Tom’s previous post was blunt: Simple Solution: Raise taxes! Some readers commented that taxes should, in addition, be PROGRESSIVE. This means that the more you make, the greater PROPORTION of your income you should hand over to the government - not just a larger ABSOLUTE amount. Steve called himself an “Eisenhower Republican and a conservative.” He agreed with Eisenhower, during whose presidency the top marginal tax rate was over 90%.
We want to pursue this. For the sake of argument, let’s talk about a group, which we shall call the “$10 million+ a year club.”
Personally, if we were members of this club, we would be fine with what Steve, the “Eisenhower Republican” said, above. We wouldn’t mind handing over $9 million of our earnings each year, and live on the remaining one million.
How many people are there in the “$10 million+ a year club”? Anecdotally, we hear about the many NBA, NFL and MLB players who are there, along with dozens of Hollywood superstars, and of course thousands of business executives and assorted other professionals. Read more...