Possible 100%+ Marginal Tax Rate Under Senate Bill

Possible 100%+ Marginal Tax Rate Under Senate Bill

At some point, taxation becomes slavery. We may disagree about where that point is, but everyone should at least be able to agree that when 100% of the wealth you generate is confiscated by the government, you are a slave:

Some high-income business owners could face marginal tax rates exceeding 100% under the Senate’s tax bill

The possible marginal tax rate of more than 100% results from the combination of tax policies designed to provide benefits to businesses and families but then deny them to the richest people. As income climbs and those breaks phase out, each dollar of income faces regular tax rates and a hidden marginal rate on top of that, in the form of vanishing tax breaks. That structure, if maintained in a final law, would create some of the disincentives to working and to earning business profit that Republicans have long complained about, while opening lucrative avenues for tax avoidance.

A simple flat tax sounds better all the time. But that would reduce the government’s power. It might even be the end of leftism.

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On a tip from J. Cross-posted at Moonbattery.

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